Best channels for UPI transaction
Are you facing payment issues while making cash payments? But, are you struggling to choose between the best digital alternative? Don’t worry, UPI channels are here to your rescue. Introduced in the year 2016, UPI has positively altered the payments ecosystem in the country by bringing in a wave of digitization.
UPI’s popularity stems from many factors. Firstly, UPI simplifies transactions by making use of the VPA (virtual payment address). It avoids the complex credential entry while making card transactions. Secondly, with the launch of UPI 2.0, features like QR & Signed Intent and Invoice in the inbox has scaled up the UPI security.
In the course of the blog, let us learn the different channels for making a UPI transaction.
UPI Channel 1: Through VPA (Virtual Payment Address)
Money transfer through the VPA is the elementary method of transferring money through the UPI platform. VPA stands for Virtual Payment Address. It is a unique identifier that is required to map the payee details before initiating a financial transaction. A single identifier reduces the tedious task of entering bank details like bank account number, CVV, etc.
VPA format: User-defined [email protected]/service provider
UPI Channel 2: Account number + IFSC
Money transfer through the Account number + IFSC is the secondary method of transferring money through the UPI platform. In case you are not aware of the payee’s VPA, you can still make the payment by making use of the account number and the IFSC combination.
The account number is the 12 digit number of the payee’s bank. IFSC code is the 11 digit alphanumeric number provided by the RBI for accurate identification of banks in India.
In your UPI app, search for the Bank Transfer option. A window to enter the Account number and IFSC opens up. After the verification of the payee, you can start making the money transfer.
UPI Channel 3: Mobile Number + MMID
Money transfer through mobile number verification is the third method to do UPI money transfers. It comes with the advantage of filtering out fraudulent numbers in the first go. You can be assured that your money reaches the right destination.
To transfer money through mobile number, open the Phone number tab on any UPI app. Enter the payee’s mobile number. You get a ‘payee verified’ or ‘payee not verified’ message to proceed with your transaction.
UPI Channel 4: Aadhaar Number
If you are not able to make transactions using the above 3 methods, you can use the Aadhaar method to make a UPI transaction. But, this feature is not available on all the UPI apps.
On the Aadhaar number enabled UPI app, go to the send money option. From there, select the Send Money/ Payee address type option. Select Aadhaar number from the dropdown. Subsequently, key in the Aadhaar number of the payee before making the transactions.
UPI Channel 5: Collect/ Pull Money basis VPA
Using UPI, you can send as well as request money from your acquaintances. This feature keeps a track of the money owed to you by your peers.
To access this UPI channel, go to the Collect Money option in your UPI App. Enter the VPA address of the payee along with the collection amount. Also, there is an option to enter the time when you want to collect the amount.
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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