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Online Banking Solution India
Gone are the days when you arranged for change to pay shopkeepers. Your smartphone is your wallet now. It allows you to roam cashless and fulfils all your financial needs. Whether you buy food or pay bills, online payment is the trend everyone follows.
The Unified Payment Interface is a mobile payment method allowing you to transfer funds between Bank Accounts without additional charges. Ever since its introduction, the UPI payment app has made financial transactions easier for account holders. It is an advanced version of IMPS and NEFT payment methods. How to use it? You need to set a UPI payment ID that works as a virtual payment address for the account holder and a UPI PIN for confirming the transaction. The National Payments Corporation of India took the support of the Reserve Bank of India and the Indian Banks Association to build a payment infrastructure allowing banks to connect and facilitate fund transfers among individuals. Why is it booming? To transfer money from this app for Credit Card payment, you do not require the receiver’s details. You only need their UPI ID to transfer funds into the bank account. Unlike other payment methods, these transfers are hassle-free and quick. You can also request individuals for money. Almost all banking apps support these transactions. Functions The traditional online banking procedure requires you to enter the receiver’s account number, IFSC code, account type, bank name, etc., to add them as a new payee. The process takes nearly 12 hours, after which you can perform the transaction. Though it is convenient, it is time-consuming and limits the usage. But UPI allows you to escape from this complex process. You can quickly transfer funds to others using the UPI ID as allotted by the bank to account holders. The registration process is simple and requires minimal details. It links directly to your Saving Account and does not require an additional wallet balance. Registration You require a smartphone and a bank account of a UPI member bank to enjoy the cashless payment benefits. The bank should include your mobile number in their records. Download any supporting app and create a Virtual ID for payments. You receive an OTP from the bank to confirm the details. Create your Virtual Payment Address after successful verification. Bill payment is also possible from this app. Safety It is a safe payment feature verifying your mobile number during registration. In the event of phone theft, block your mobile number to prevent financial transactions. Enter a four-digit passcode for authenticating every transaction to increase account security.
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October 2020
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