Crap, Indian Payment System sucks. You need to wait hours, travel to banks in order to get your payment done. Why doesn’t the Govt issues something new apart Cheques and NEFT ’s?
Eigh pal, wait why so worried when there’s UPI?
UPI? Now, what’s that again?
Unified Payments Interface, in short UPI, a new payment mode developed by the National Payments Corporation of India (NPCI), which is known to be the fastest payment mode yet.
Specially designed based on the Immediate Payments Service (IMPS) system, UPI works like an email for the receiver’s bank account. Therefore you need to have a Virtual Payment Address (VPA) that looks like name@upiapp.
Your virtual payment address is sharable with the person you will receive money from, and you know what you needn’t wait for hours to receive your payment.
Oh wow! Isn’t it wonderful?
It is. And yes, UPI has takeover on 50 partner banks currently and you can generate your own VPA if you have any of the bank applications. After you are done with the VPA generation, you can start sharing it, either to send or to receive instant payments.
Mentioned below are UPI Mobile Applications to aid you in transferring and receiving instant payments.
Best UPI Apps for Instant Payment and Money Transfer
Available in more than 10 different languages, Bharat Interface for Money, in short BHIM is the most preferable application by users. You can send payments either to the registered mobile number or by scanning the QR code provided by the recipient.
Services you can access through the BHIM app are:
- Pay using Aadhaar
- Set payment reminders
- Check your bank balance
- Split bills among other BHIM users
- Send and receive money by scanning the QR Code
The application is available in the Google Play Store. To access the services of BHIM, you need to have a valid bank account, Debit Card and Phone Number and you’re all set.
2. Google’s TEZ
Launched by Google, the app has spread among a huge mass like a rapid-fire since then. Surprisingly within a short span of 8 months, today the app has become a trusted payment mode for people more than 10,000,000+.
So what can you access with Google Tez:
- Send and receive money
- Pay utility bills
- Mobile recharges and earn delightful cashback
- Pay using your phone number
To be honest, installing and then setting the Google Tez up is more simple than setting any other UPI app.
To have access to the UPI mode of ICICI bank you need to have an ICICI bank app. The ICICI app lets you have the easiest UPI interface making it one of the best UPI apps. The user-friendly app will get you done your VPA within a couple of clicks.
What can you access with ICICI UPI app:
- Track your UPI payments.
- Create multiple VPAs for your account.
- Send and receive money.
Paytm is one of the most popular digital wallets known in India. To make payments easier, it has now integrated with the BHIM UPI platform. Thus letting users to create their own Paytm BHIM UPI ID through the application itself and then link their savings bank account to send and receive money instantly.
Services you can access through Paytm UPI:
- Send and receive money instantly
- Collect money by setting reminders
- Check UPI Transaction History
- Pay bills and mobile recharge
But, one thing is clear to make transaction possible through Paytm UPI you need to get your KYC done.
4. BHIM SBI Pay
‘BHIM SBI Pay,’ a most innovative payment app which makes payment on SBI with UPI super easy. If you already have a Virtual Payment Address, you can use it to pay on SBI, or if you don’t have, you can create it with ease. But to access it you need to ensure you have a debit card and your mobile no is linked with your bank account.
Now, what all features can you access through it?
- Send and receive money
- Track last twenty transaction history
- Manage multiple bank accounts
So start collecting your funds for your business online instantly with UPI with minutes.
Click here, to know more about Unified Payment Interface (UPI).