UPI Payment Application

UPI Payment Application

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All you need to know about UPI Payment Applications – downloading, usage, security and more.

Key Takeaways

  • UPI is a convenient and seamless way of transferring funds.
  • Without sharing your bank details with someone, you can quickly receive funds through UPI apps.
  • UPI apps are safe, secure and offered by most banks in the country.
  • UPI works on both Android and iOS phones and is easy to use.
  • It is available 24x7 and is the cheapest mode of fund transfer.

Unified Payment Interface (UPI) allows you to send money from one bank account to another instantly. You do not need the beneficiary’s bank account details for fund transfers, but you need a Virtual Payment Address (VPA). It can be created on the UPI Payment application and is the best way to send and receive money quickly. For a successful fund transfer, all you need to know is the UPI ID of the beneficiary. UPI has emerged as a popular digital payment as well as fund transfer method since the 2016 demonetisation. With UPI, you can make payments round the clock.

Is UPI the Best and Safe?

UPI is safe and an ideal method for fund transfer because of the availability and use of Virtual ID. You do not need to ask for the bank details when sending money. With UPI, you get additional security through QR and Signed Intent. Hence, when you use UPI to make a payment, say at a retail store, you can scan a QR code. The QR code enables you to check the authenticity of the merchant. You will be notified whether the merchant is a verified UPI account merchant or not. Also, if a transaction is not secure, the UPI platform will inform you about the same.

UPI Security Features

Let us look at the security features of the UPI app.

  • The app is bound with a mobile number

    This is the first layer of security. UPI verifications occur at the time of login and registration, and the app will be bound with your mobile number for the purpose of verification. If you change the number, you need to verify your identity again. UPI also keeps your credentials safe in case of identity theft. Ensure that the mobile number linked to your bank account is the same as the one verified in any UPI App. If it is not the same, the payment system on the back end will be unable to fetch your bank accounts, and transactions will be affected.

  • Two-factor authentication

    This is the first layer of security. UPI verifications occur at the time of login and registration, and the app will be bound with your mobile number for the purpose of verification. If you change the number, you need to verify your identity again. UPI also keeps your credentials safe in case of identity theft. Ensure that the mobile number linked to your bank account is the same as the one verified in any UPI App. If it is not the same, the payment system on the back end will be unable to fetch your bank accounts, and transactions will be affected.

  • Signed intent and QR code

    With the signed intent and quick response code, you can check the authenticity of merchants. It is easy to identify if the merchant is UPI verified or not. If the merchant is not UPI verified, you will get a notification stating your mobile number. This layer of security attempts to put a curb on any fraudulent activity.

    UPI has some top-notch features that help maintain the high security and safety of your transactions. However, to avoid falling prey to fraudulent activities, you must never share your UPI ID or VPA with anyone. Do not install any UPI app that is not secure and never approve any request on UPI.

How UPI Differs from IMPS

Though UPI and IMPS allow instant money transfer, they are different in more ways than one. For example, UPI simplifies merchant payments through QR codes. A single click and two-factor authentication also make UPI unique. Also, you do not need the beneficiary’s bank account details, nor do you need to set up beneficiary details in advance to transfer funds through UPI. All transfers occur based on a Virtual ID.

Why Choose Digibank UPI Payment App?

With the digibank UPI Payment app, you can manage your bank transactions and bank accounts in one place. You can easily send and receive money through the app. The best UPI app, the digibank app, is secure and verified. It is simple and easy to use. You can link any bank account with the app and check your bank balance.

With the UPI payment app, you can access your bank accounts at your fingertips. It is also one of the safest modes to transfer money. All the payments made through the digibank application from your digibank account will be authenticated through the app login and then through the soft token on the device. Hence, you do not need to worry about the safety and security of transactions.

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How To Download UPI Applications?

Follow the below-mentioned steps to download the UPI application on your smartphone.

  1. Open Apple Store or Google Playstore on your device.
  2. Search the UPI app that you want to download.
  3. Click on ‘Install’.
  4. Open the app and set up your account by providing the mobile number linked to your bank account and create a Virtual Payment Address or UPI ID.
  5. The app will verify the number, after which you need to select the bank.
  6. You will now have to set a 4-digit PIN, and you can find the UPI ID under the My profile section. It is usually yourname@bankname, but you are free to change it.
  7. You are now set to use your UPI account to transfer funds.

A critical advantage of UPI is that you can link all your bank accounts to the same virtual address. You do not need to install different apps of different bank accounts or third-party UPI platforms. You can conveniently place payment requests from your clients, family, or friends with UPI, so long as they have the same UPI payment app.

Conclusion

UPI payments are the next big thing in the banking world. Its unique requirement of just the payee’s mobile number makes it one of the most convenient and hassle-free ways of transferring money. UPI saves you from the cumbersome and archaic methods of fund transfers, riddled by innumerable details, not to mention the time is taken to complete each transfer. Banks, too, have recognised the value of user-friendly UPI-enabled apps, and you can instantly download and start using them.

Are you looking for an intelligent mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.

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