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Cashless transactions on mobile phone: What is Unified Payment Interface and how to use it?

With The Help Of Few Easy Steps You Can Use Your Mobile Phone For All The Cashless Transactions Online

News Nation Bureau | Edited By : Manas Dwivedi | Updated on: 29 Nov 2016, 02:09:42 PM
Representational Image (Source: Getty)

New Delhi:

After Prime Minister’s major announcement of curbing black money by the means of demonetization, the government has taken an array of measure to provide relief from the cash crunch and move towards becoming a cashless economy.

Amid long queues outside banks and ATMs getting easily exhausted, the mode of payment in the country has become a hot topic of discussion. With the availability of various payment channels such as Credit card, Debit card, Net banking and even Mobile banking has been the major relief to public. Even mobile wallets have emerged as a good option to pay for basic needs. Soon smartphones will double up as virtual debit cards and you’ll be able to send or receive money instantly.

Further, now the government is aggressively promoting the use of mobile phones in the form of another payment option. How? It’s really simple. The government has also released an advisory on how to use mobile as a bank, a wallet without the use of cash, which also includes the introduction of unified payment interface (UPI).

What is UPI? Unified Payments Interface is a system that powers multiple bank accounts, several banking services features like fund transfer, and merchant payments in a single mobile application.

UPI is an initiative by National Payments Corporation of India’s (NPCI), set up with the support of the Reserve Bank of India and Indian Banks Association (IBA).

With the help of few easy steps you can use your mobile phone for all the cashless transactions online:

>> It is as easy as sending a message from your bank. Every bank has its own mobile app so it’s possible to transact on your smartphones

>> Register your mobile number in the bank or ATM.

>> Download the UPI app on your mobile.

>> Create a unique user ID

>> Set your PIN

>> You can now transact from everywhere.

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First Published : 29 Nov 2016, 08:10:00 AM