The Government of India has supported the implementation and use of the Unified Payments Interface (UPI) to encourage the concept of cashless transactions. The UPI transactions enable consumers to make payments through a virtual ID so the account credentials are not disclosed to third-party applications/websites. For those who are new to UPI, you must know that several services are available under the umbrella.
The services offered by UPI are listed below:
- Account Balance Enquiry: You can check the balance of your registered bank account on an UPI-enabled app.
- Transaction History: The recent transactions made through your account can be verified using the UPI-enabled app.
- Pay Money: This is one of the most used/sought-after services of the UPI-enabled app. One can use any of the following details to make a payment:
- Virtual Address
- Account number and IFSC
- Mobile number and MMID
- Aadhaar (yet to be functional)
- Request Money: Consumers can request money when they know the virtual address of the payer. Just enter the amount and the payer’s virtual address to request money.
- Add Bank Account: You can link more than one bank account to your UPI app. However, all these accounts must have the same mobile number linked to them. When initiating a transaction, you can choose the bank account you intend to deal with before completing the transaction.
- Set/Update MPIN: You can set the UPI PIN when you register with the app. You can also update the UPI PIN whenever you want.
- Account Management: You can manage your bank account from the UPI-enabled app. Instead of having to open different bank apps for account management, you can access all your accounts in one place.
- Notifications: UPI-enabled apps send notifications whenever there is an update on the status of your recent transactions.