One of the wonders of the smartphone is how easy it has made to transfer money from one account to another in no time at all. You can use many ways of sending money through your phone – NEFT, , IMPS and so on. A convenient way of making payments through your smartphone is by using the United Payments Interface, or UPI, app.
What is UPI?
So, let’s look at what is UPI. It’s a secure and easy way of making payments instantly and at any time, 24x7, 365 days of the year through your mobile phone! The UPI transaction limit is Rs 1 lakh or 10 transactions per day. Moreover, it’s free -- you don’t have to pay anything at all to make the You can make bill payments, mobile phone recharges and pay for shopping too.
How UPI works
Here’s what you need to do to use UPI
- Login in the new MobileBanking App with your customer ID and password or Quick access pin.
- Click on the Menu button on the top left-hand corner of the app.
- Click on Pay.
- Click on UPI Payment.
- An SMS for device biding and security will be generated. Send this SMS (standard SMS charges will be applicable).
- Create a UPI ID. E.g. your mobile number as your UPI ID like 98XXXXXX21@hdfcbank
- Select HDFC Bank account number to be linked to UPI ID.
Multiple accounts can be linked to a single UPI ID. You can use only the UPI ID to make payments – no other bank details are required, and you don’t have to add a beneficiary.
What you can use UPI for
Now that you have understood how UPI works, you are all set. You can use it for:
- Fund transfer
- Bill payment
- Mobile recharge
- Shopping payment
- Balance check
Ways of making payment through UPI
- Using payee’s UPI ID.
- Using payee’s account number and IFSC.
- Via phone contacts—you can make payment by only selecting payee contact number. In this case,you don’t need details of payer/ payee.
- Scan and pay.
Benefits of UPI
- It is available at any time of the night and day, even on holidays
- You don’t have to add a beneficiary to make payments
- You don’t have to pay any charges for using the payment service for payments of up to Rs 1 lakh
- There’s only one app required for multiple bank accounts, so you don’t need to download several
- UPI’s scan and pay facility allows you to make merchant payments in just two clicks by using the QR code.
To create your UPI ID with HDFC Bank, download the MobileBanking App.
