June 19, 2019
Banking Business

UPI –Making your smartphone into a bank – JIZ PAUL

Getting started on UPI
The first step for getting started with UPI is downloading the UPI app from the playstore. It is not necessary that the customer downloads the app of his own bank.But, for linking an account to the UPI app, it is necessary that mobile number is already registered to the bank account and the app is to be installed in the mobile that has the mobile number registered with the bank.After downloading,the app has to be installed. After logging into the account, we have to create a profile and virtual address.Subsequently, we have to add the bank account details. After successfully completing this procedures, we will get an M-PIN. With these few and simple steps the UPI app would be ready for transacting. Unlike other popular online payment services like NEFT, RTGS or IMPS which requires a user to register with the bank first, then add a beneficiary, and then share details of bank accounts, in UPI, a user can download the UPI app from the Google Play Store.Youcandownload more than one UPI application on the same mobile and link both same as well as different accounts.In case of change in SIM / Mobile,you will have to re-register yourselves for UPI.
For sending money, you can log on to the app andselects the option for sending money, enter thebeneficiary’s virtual id, amount and selects account to be debited. You will geta confirmation screen to review the payment details and once you confirm MPIN will be asked and once MPIN is entered the transaction gets completed and you will get a transaction successful message. The process for requesting money is the same till confirmation screen. Once, you confirm the payer will get the notification on his mobile for the money requested by you. Once, the payer clicks on the notification, he can open his UPI app and review the payment request. He can then decide to accept or decline your request. In case,the request is accepted, the payer will have to enter MPIN to authorize the transaction. Both payer and payee will get SMS notification of the transaction being completed.
UPI provides for real time reversals for technical declines and amount would be transferred back to the payer account immediately. As UPI transaction is settled on a real time basis once the payment is initiated, you will not be able to stop it.

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