We are indefinitely moving towards cashless payments, and it makes our hearts a million times happier knowing that we would not need to carry cash with us anymore. There’s no reason to go to the ATM, cash out some money, and then make your payments when you can directly pay from your bank account with a few clicks. With UPI or Unified Payments Interface, you can instantly transfer funds from one bank account to another bank account using the Bhim app’s mobile application.
Kudos to mobile advancements that give a simple, quick, and fast mode of payment. Using these apps is easy, and they are available in different vernacular languages to make them accessible for all consumers. You need a bank account, smartphone, and internet connection to make online transactions. Like your wallet, these apps are digital wallets through which you can send and receive money. With these digital wallets, you can pay for your mobile recharge, electricity bills, bus booking, train booking, fast tag, shopping, etc.
How do these online payments apps work?
Traditionally to make a payment, you needed the receiver’s bank details like account number, IFSC code, account type, bank name, name of the branch, etc. This process is complex and hectic, but now online payments apps have made the process much faster, easier, and hassle-free. In the app, add your bank details for once. The app will provide you with a UPI ID, and now you do not need to put all your banking information again and again. With these online payments apps, you can make various payments like shopping, traveling, electricity bills, mobile recharge, fasttag, etc.
You can transfer using the UPI payments app in four ways:
- Through mobile number/Select a Contact
Sending and receiving money from anyone in your contact list or using any valid mobile number.
- Scan the QR code
You can also send money to any vendor through UPI by scanning the QR code entering the amount, and making payment.
- Entering UPI ID
To pay through UPI ID, enter the receiver’s UPI ID, enter the amount that needed to be transferred, and just one click will complete your transaction.
- Through bank account details
On UPI, you can make even the payments through the traditional method of bank details. In addition, you can make an online bank transfer through the online payments app.
How safe is it to use the UPI payments app?
The main obstacle to adopting payments apps is the questionable security of the apps. But these apps consider the security and safety of their customers as their main priority. They have two-factor authentication to safeguard the transactions. You require a password to open the app, and at the time of making payment, the app will need you to enter the UPI PIN, which is a 4 or 6 digit number set up by the user himself to protect confidentiality. UPI payment applications like the Bhim app offers additional security features.
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