Government wala Paytm
This is my first post on knome. So please pardon my English.
Well, coming to the topic which made me write about something which you must know and implement in today's India where cash is nowhere and you are left with only option, i.e., pay by online methods. Digital India, they say, is now at its full throttle coming in everyone's pockets. It won't be wrong to say that the government has launched its own Paytm like feature.
Well, long before the implementation of Demonetization Policy on 9th November, on August 26th, National Payments Corporation of India (NPCI) announced that Unified Payment Interface or UPI has officially become operational.
WHAT IS UPI or UNIFIED PAYMENT INTERFACE?? and why you must know about it.
Well, UPI helps us to do the same thing as Paytm or Mobikwik or Freecharge, or any other app which eases our Payment process.
Definition:-
UPI is a payment system that allows money transfer between any two bank accounts by using a smart-phone.
UPI allows a customer to pay directly from a bank account to different merchants online without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.
My version:
It asks us to generate a Virtual ID(just like any email ID), with which you can pay or request anyone to pay.
How does it reduce our work? You don't need to add a payee by adding his/her A/C no., Name,IFSC code. Also, you don't have to wait for half an hour or even a day before sending the money.
It is as quick as the way you are paying to your SABJI WALA* via Paytm through scanning the QR code and voila!!, money paid. And you are off to your home to cook the green veggies, which your kids dearly hate:P
Yes, it is same as Paytm or Mobikwik or any-other app. But it is through your own banks whom you trust so much that you deposit hundreds(my case), thousands(general case) and even lacs(some very rich people) of money into it.
Now, if you are already thinking about the procedure. Well the prerequisite is that you need to have online banking. And then, you can read the below information. You can also goto http://www.npci.org.in/UPI_Background.aspx to know everything about UPI. How can one download the UPI app?
How to make your own Virtual Payment ID
The UPI app of 19 banks -- Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank -- is available on the Google Play Store of Android phones for customers to download.
How safe is UPI?
It is safe as the customers only share a virtual address and provide no other sensitive information.
What kind transactions can be performed via UPI?
Merchant payments, remittances, bill payments among others.
Is there a per transaction limit?
The per transaction limit is Rs.1 lakh.
How exactly does one make a payment transaction?
A user can make an in-app payment for goods or services purchased online.
For instance a site allows purchase of a movie-on-demand.
User clicks buy, the site/app triggers the UPI payment link and is taken to the pay screen of the UPI app, where the transaction information is verified and a click followed by entry of a secure PIN completes the purchase.
THANK-YOU for reading and I request you all to give it a try and please share your experiences.
*SABJI WALA - Well, if your sabji wala or any other vendor have a smartphone but do not know any of the these ways. Please help them understand the benefits of online transactions.
Well, coming to the topic which made me write about something which you must know and implement in today's India where cash is nowhere and you are left with only option, i.e., pay by online methods. Digital India, they say, is now at its full throttle coming in everyone's pockets. It won't be wrong to say that the government has launched its own Paytm like feature.
Well, long before the implementation of Demonetization Policy on 9th November, on August 26th, National Payments Corporation of India (NPCI) announced that Unified Payment Interface or UPI has officially become operational.
WHAT IS UPI or UNIFIED PAYMENT INTERFACE?? and why you must know about it.
Well, UPI helps us to do the same thing as Paytm or Mobikwik or Freecharge, or any other app which eases our Payment process.
Definition:-
UPI is a payment system that allows money transfer between any two bank accounts by using a smart-phone.
UPI allows a customer to pay directly from a bank account to different merchants online without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.
My version:
It asks us to generate a Virtual ID(just like any email ID), with which you can pay or request anyone to pay.
How does it reduce our work? You don't need to add a payee by adding his/her A/C no., Name,IFSC code. Also, you don't have to wait for half an hour or even a day before sending the money.
It is as quick as the way you are paying to your SABJI WALA* via Paytm through scanning the QR code and voila!!, money paid. And you are off to your home to cook the green veggies, which your kids dearly hate:P
Yes, it is same as Paytm or Mobikwik or any-other app. But it is through your own banks whom you trust so much that you deposit hundreds(my case), thousands(general case) and even lacs(some very rich people) of money into it.
Now, if you are already thinking about the procedure. Well the prerequisite is that you need to have online banking. And then, you can read the below information. You can also goto http://www.npci.org.in/UPI_Background.aspx to know everything about UPI. How can one download the UPI app?
How to make your own Virtual Payment IDThe UPI app of 19 banks -- Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank -- is available on the Google Play Store of Android phones for customers to download.
How safe is UPI?
It is safe as the customers only share a virtual address and provide no other sensitive information.
What kind transactions can be performed via UPI?
Merchant payments, remittances, bill payments among others.
Is there a per transaction limit?
The per transaction limit is Rs.1 lakh.
How exactly does one make a payment transaction?
A user can make an in-app payment for goods or services purchased online.
For instance a site allows purchase of a movie-on-demand.
User clicks buy, the site/app triggers the UPI payment link and is taken to the pay screen of the UPI app, where the transaction information is verified and a click followed by entry of a secure PIN completes the purchase.
THANK-YOU for reading and I request you all to give it a try and please share your experiences.
*SABJI WALA - Well, if your sabji wala or any other vendor have a smartphone but do not know any of the these ways. Please help them understand the benefits of online transactions.
No comments:
Post a Comment