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digital payments payment gateway

How to setup UPI with these simple three steps

Take your payment experience to the next level with UPI

Unified Payments Interface or UPI was launched in the year 2016 to anchor the digital payments in the country. Launched by NPCI (National Payments Corporation of India) post the demonetization, UPI is a real-time payment settlement system facilitating interbank transactions. The UPI setup process comes with simple steps of linking one’s bank account to the generation of the M-PIN number.

The popularity of UPI continues to grow, which can be gauged from the fact that UPI has crossed the 900 million mark in August, led by an increase in merchant adoption of the payment channel and improved smartphone penetration in certain states.

In the course of this blog, let us learn the simple, step by step process of UPI setup.

1. Step One: Download the UPI App

Each bank provides its own UPI App to facilitate UPI payment via its banking platform. Over 30 banks catering to different UPI Apps are available on Google Play Store. One can search for the preferred bank UPI App using the format “Bank Name UPI”.

In case, you are not able to find a specific bank app, you can still use non-bank UPI Apps like:

  • PhonePe
  • MobiKwik
  • Google Tez
  • Paytm
  • Bhim App
  • Axis Pay
  • SBI Pay
  • Uber
  • Airtel Payments Bank

2. Step Two: Register on the UPI App

Once you have downloaded an appropriate UPI app on your mobile, it is time to register to get started with your registration.

  • Select your preferred language from the list of languages that pop up on the language list. Currently, 13 languages are supported by the UPI App.
  • Verify your mobile number by selecting the SIM number which you want to verify. For example, SIM 1 and SIM 2 pops up if you have 2 mobile numbers. Select the appropriate number to link to your UPI account. Make sure that the number is linked to your preferred bank account. Once, the number is entered, 
  • Enter your personal details like Mobile Number, Name
  • Enter your bank account details like Bank Name, IFSC Code, Account number, type of account, etc to link your bank account to UPI.
  • Set UPI PIN by entering your debit card details and entering the expiry date of the debit card. After this, you will receive an OTP from the bank. Upon entering the OTP, you will be prompted to set a 4 digit or 6 digit M-PIN number.

3. Step Three: Start Transactions

  • Send Money: Click on the send or the start payment option to initiate the payment. The names of your contact list who are on UPI show up in the contacts tab. Else, you can initiate the payment by entering the mobile number or the virtual payment address of the payee. Once, you enter the amount, click the send tab. The app will prompt you to enter the MPIN. Upon entering the MPIN, the amount transfer occurs. Confirm the transfer by means of the confirmation message received from your bank.
  • Receive Money: To receive the amount, click on the receive option on the UPI app. Then, enter the mobile number or the virtual payment address of the payer. Upon doing so, the payer gets a notification with the amount to be paid and the associated remarks. It is the discretion of the payer to accept or reject the amount.
  • Transact using the QR Code: All UPI Apps come with an inbuilt QR code scanner. You can either scan the merchant QR code or transfer it to their mobile numbers. The merchant QR code is usually pasted on their bill counters. Not just merchants, even personal account transfer can be conveniently done with the QR code. To do so, you need to select the option collect/pay and click on QR code.
  • Miscellaneous: In addition to the above transfers, there are some additional benefits of UPI transfer. For example, while transferring or collecting payments, you can mark them as your favorite. This eases the scope of future transactions. Further, one can see all the transaction history done on UPI App just like one has on one’s passbook. 

On the whole, UPI has brought in a digital payment revolution in India. It has been one of the positive offset of demonetization in India. With faster and more secure payment transfers, it is a matter of time before it takes an esteemed place in every person’s pocket.

For more information refer:

 

For more blogs, visit https://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

 

Categories
Banking digital payments fintech

SabPaisa Awards and Mentions

Our good work continues to be recognized

DECEMBER – QUARTER 2

INDIAN ACHIEVERS’ AWARD BY INDIAN ACHIEVERS’ FORUM

Our beloved CEO, Kumar Manish has been conferred with the “INDIAN ACHIEVERS’ AWARD” for Business Excellence by the INDIAN ACHIEVERS’ FORUM.

His vision and farsightedness have been the pillar of strength of our organization. We wish him best wishes for all his future endeavors. May his valuable contribution to the economy continue to touch lives in the days to come.

Facebook link: https://linkpaisa.in/QVvL

Instagram link: https://www.instagram.com/p/B9oF7cJnrZS/

For more blogs, visit SabPaisa Blog

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing Fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here: https://sabpaisa.in

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Banking digital payments fintech Uncategorized

Everything you ever wanted to know about Rupay card

Rupay continues its winning run in the economy

Have you ever made an online payment? Have you ever felt the pinch of high transaction charges? If so, you are not alone. For example, international payment gateways like Visa and MasterCard charge high transaction fees. Further, in the case of Visa and MasterCard, banks pay a certain charge on joining the foreign payment gateway network. On the other hand, Rupay Card brings about a simplified payment transaction system in India.

 Launched in the year 2012 by the National Payments Corporation of India Ltd(NPCI), Rupay has revolutionized the payment ecosystem in the country with low transaction costs, nil joining fees, etc.

Rupay Card Basics
Everything you wanted to know about Rupay

In this blog, you will get answers to all your questions on the Rupay Card.

1. What is Rupay Card?

Rupay Card is an Indian variant of the card payment scheme as compared to international players like Visa and Mastercard. Introduced by the National Payments Corporation of India (NPCI) in the year 2012, Rupay is used for primarily domestic payments.

2. Features of Rupay

  • Inbuilt insurance coverage
  • Direct link with government schemes like Pradhan Mantri Jan Dhan Yojana
  • Regular cashback and merchant service benefits like fuel discounts
  • Free access to airport lounges

3. How to apply for a Rupay Card?

To avail a Rupay card, one needs to submit one’s id proof cum address proof along with two passport size photographs. All the public, private, regional cum cooperative banks issue Rupay cards in India. A form fill up at one’s branch along with the KYC requirements is the prerequisite for a Rupay card.

4. What are the transaction costs in Rupay?

As compared to international counterparts, Rupay comes with low transaction charges. For example, for a bank transaction of Rs. 2000, if Rupay charges Rs. 2.50, international payment systems charge Rs. 3.50.

5. Difference between Rupay Cards and international cards?

  • Transaction cost: As compared to international cards, Rupay comes with low operational costs.
  • Joining fees: There is a quarterly fee to be paid for joining the international card network as compared to nil in the case of  Rupay.
  • Security: Rupay is comparatively safer due to the limitation of its operation to India
  • Bank Network: Unlike Rupay, the international card network does not include small banks like rural and cooperative banks within its network.
  • International acceptance: Rupay is only acceptable within India as compared to Visa and Mastercard which is accepted internationally.

6. What are the Security features of Rupay?

While using  Rupay for a transaction, authentication happens with the entry of an OTP sent to the registered mobile number. Further, there is 256-bit encryption rendering Rupay difficult to hack.

7. Benefits of Rupay

  • Accidental insurance coverage
  • Low cost, easily accessible by people
  • Direct link with government schemes to avail added benefits
  • Faster bank transactions
  • Increases the popularity of digital payments in the Indian economy.

8. What are the variants of Rupay Cards?

On a higher level, Rupay can be classified as Credit, Debit and Pre-paid cards.

Based on the transaction limits, Rupay Credit card can be further classified as:

(a)Rupay Classic Credit Card: With an accidental insurance coverage up to Rs. 1 lakh

(b)Rupay Platinum Credit Card: With an accidental insurance coverage up to Rs. 2 lakh

(c)Rupay Select Credit Card: With an accidental insurance coverage up to Rs. 5 lakh

On the whole, Rupay continues its winning run in the Indian economy. Interestingly, post-2016 demonetization, the demand for digital payments and Rupay is increasing on a commensurate basis.

 

 

If you have liked the article, feel free to drop in your valuable feedback in the comments below. 

For more information refer:

https://www.bankbazaar.com/saving-schemes/all-that-you-need-to-know-about-rupay-debit-card.html

https://www.npci.org.in › product-overview › rupay-product-overview

https://www.rupay.co.in

For more blogs, visit https://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in