by Sonal Deo
Published Wed, Apr 12th 2017, 11:39 | Business
Unified payment interface app has a win-win scenario for both the customers as well as the merchants. The unified payment interface app is called a future of digital or virtual payments. It is set to benefit the ecommerce business in India.
Unified payment interface is set up by the National Payment Corporation of India. Hence, the UPI asp facilitates the transfer of payments across the bank accounts using a single interface app. The digital payment and collection can be done from multiple bank accounts with any bank account that has been linked. Hence, you need not download a new app for a new bank.
With the UPI app India payments can be made from the phone of the account holder. Hence, the payments can be made for 24 hours and 365 days of a year. Even on sundays a person can send and receive payments with this app. to carry out the transaction you simply need the receiver’s virtual payment address that is the VPA code which is format like the email such as Clinton@bank name. Thus the availability of the unified payment interface app makes it more feasible than NEFT, IMPS.
After you install the UPI app, it confirms your mobile number which you get as an OTP. After that you can add bank accounts and carry on the transaction smoothly. So the next time when you want to make a payment you simply need to add the VPA code instead of the recipient, select the amount of money that needs to be transferred. After you do this you will get a confirmation sms whether you want to carry on the transaction. Once you accept that request the money will be sent instantly to the recipient from the bank account. Hence, the transaction that takes place happen through the money which is in your bank account.
This is simpler than mobile banking or wallets where you need to load money. Customers can use this UPI app while shopping online and make payments for the good and the services. For all these payments you need to scan the QR code and enter the recipients Virtual payment address. Customers can also send payments to the merchants against orders which are placed online.
Before you make the payments, the customers can also use the unified payment interface app to check their balance from the current account. The pull and collect request option in the unified payment interface app lets the merchant send payment request to the customers for goods and services. The transactions that take place on the UPI app have no merchant fees associated unlike the card payments.
All the UPI transactions occur from banks to banks without a middleman and are authorized and two ways verified. Hence, they are super secure and reliable. The Unified Payment Interface app has thus simplified and quickened the collection of COD based goods. The pay and collect mechanism of the system provides more flexibility and benefits to the merchants. Hence, the E commerce field is all se6t to undergo a revival with the UPI app.