On 8th November, honourable Prime Minister Narendra Modi announced that starting from November 9th, the old Rs. 500 & Rs. 1000 currency notes are invalid. With this announcement, everyone is facing the cash crunch problem and many of them left with no cash. The problem of no cash is met by circulation of new currency notes but till then the mobile wallets and Unified Payments Interface (UPI ) apps help you to go cashless.
For your information, in the month of August, National Payments Corporation of India (NPCI) asked banks to release their UPI-enabled apps on Google Play Store. The UPI is built over IMPS (Immediate Payment Service) to make funds transfer easier. The good thing about UPI is that, there is no need to add payee details such as bank name, branch, IFSC code and full name. Instead of all these details, you just need the Virtual Payment Address (VPA), to send and receive payments. As of now, the UPI is only enabled for Android-based smartphone and for iOS it will be launched soon.
The best thing about Axis Pay UPI app is that, you can make payments to services like mobile recharge, DTH refill, utility bill payments and more. For instance, you can use UPI based app to transfer money from your bank account to someone else’s bank account. Just like IMPS payments, UPI-based payments happen in 24 hours a day, 7 days a week and 365 days a year which means you don’t have to worry about a bank holiday. The range of UPI transaction is from Re 1 to Rs. 1 lakh.
Now, let’s take a quick look at how to get started with UPI apps, the registration processor and how to send and receive funds.
I assume that, now you are familiar with UPI (Unified Payments Interface). To get started, first you need a Android smartphone with active internet connection (either be its on mobile data – 2G/3G/4G or Wi-Fi) and a bank account where your mobile number is registered for telephone banking, OTP and transactions related messages. The registered phone number of needed because the UPI app will fetch your bank account details from your registered mobile number. If by any chance, you haven’t linked the bank account, you are still able to transfer money from wallet to wallet, but not to your bank account.
How to register for UPI
The registration process is simple. All you have to do, is to download the Axis Pay app from Google Play Store.
Step 1: Once the installation process is complete, open the app. As soon as you open the app, you’ll be greeted with a welcome screen as show below. Just swipe from right to left and tap on the “START” button.
Step 2: As soon as you tap on “START” button, again you see a message:
“Axis Pay will send an SMS from your number to an Indian Mobile Number. SMS charges as per operator will apply. Please ensure that SMS is sent from the mobile number registered with your bank.”.
All you have to do, just tap on “PROCEED”.
Step 3: As soon as you tap on “PROCEED”, a new window opens. You have to enter you details – “Your Name” and tap on the arrow button.
Step 4: As soon as you tap on “arrow” button, a new window opens. Now you have to “Set 6 digit Passcode”. As soon as you set the 6-digit Passcode, you’ll be greeted with a message, successfully registered on Axis Pay.
Make sure that you remember this 6-digit Passcode, as it is a secured pin and it will be required every time when you open the app.
Step 5: After successful registration on Axis Pay, you’ll see a welcome screen as shown below. Now, you have to tap on “START” button.
Step 6: As soon as you tap on “START” button, you only see two options – Send and Ask.
Step 7: Now, you have to tap on “Manage Accounts” as shown below. As soon as you tap on “Manage Accounts”, a new window opens where you have to add bank account. As soon as you tap on “+” sign, a new window open, where you have to “Add Account”. Just select your bank account.
Step 8: After selecting the bank account, you have to set your Virtual Private Address. The VPA can be as simple as your name or mobile number followed by the address. It can be as simple as vivekparmar@axisbank. Isn’t that simple?
Step 9: Once your VPA is created. You can see all the details of your bank account.
The good thing about UPI based apps is that, there is no need to download necessary bank app. With Axis Pay, you can easily use any bank account. For instance, I have account in HDFC Bank and I’m using Axis Pay UPI app without any problem.
How to send money using UPI
The processor of transferring money from your account to other account is also simple. But before you make UPI based payment, the recipient also needs to be registered on the service and have a VPA. As said above, the transaction limit is as low as Rs 50, to as much as Rs 1 lakh.
Step 1: All you have to do, open the app and click on “Send”. You have to select your bank account, VPA of the recipient and amount. All you have to do, is to enter the details and tap on “right” button. Confirm the requested details and tap on confirm. The money will be transferred to the recipient’s VPA.
Step 2: With Axis Pay UPI app, you can send money, ask money, and scan QR code.
How to receive money using UPI
Assume that, you have given some money to your family or friends and they want to transfer it back to you. This time, the ask money option comes into play. Here’s how you can ask money from the recipient.
Step 1: Tap on ask and enter the required details — recipient’s VPA, the amount. Once you enter all the details, tap on “right” button.
Step 2: You will be asked to confirm details, just cross check and tap on confirm.
This process will send a notification to the recipient on his/her smartphone along with an SMS, requesting for the money. The recipient then has to open the app and tap on collect request and it will appear in pending transactions. Upon tapping on this, user can either tap on Pay to send the funds, or decline.
The best thing about UPI based payment is that, there is no need to carry cash, credit/debit card. Making payment process is much simpler and you can easily overcome the problem of demonetization. With Axis Pay UPI app, it’s time to enjoy the cashless world.
- Axis Bank or Non Axis Bank customers can send money or ask for money using the Axis Pay app, without knowing their bank account details.
- Transfer funds to a Virtual Payment Address(VPA) or to an Account Number.
- Add beneficiary instantly by just using Virtual Payment Address (VPA). No need to remember or enter the bank account number and IFSC.
- Check balance of linked bank accounts.
- Fund transfers are instant, 24*7, 365 days and absolutely free of cost and take place in a completely safe and secure way.