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UPI Payment – Services Offered Through UPI Apps

  • Akarshita Yaji
  • Jan 12 2022
  • 6 minutes
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As all of us, as a country, are progressing towards going cashless, digital payment services have become an important part of our lives. There are so many methods for digital payments, which involve paying through your debit or credit cards, but the newest and most popular method is the UPI payment method.

The Unified Payment Interface or UPI payment method is a platform that brings together various banking services and features which can be availed by the users. UPI payment applications like the BHIM UPI application have made it easier for users to transfer money from one bank account to another by simply using a UPI PIN. This has resulted in easier and quicker transactions while also ensuring the safety of the transaction.

Now that many mutual fund investment applications like the Finity app also allow payments through UPI method, this method has gained popularity among the investors as well. The main reason for this is the simplicity of the transaction process. All you need is a Virtual Payment Address (VPA) and a UPI PIN, using which you can easily make a transaction for your mutual fund investment. This method is much quicker than using your debit or credit card and investors can make their payments to their investment policies from the comfort of their homes or offices. Hence the UPI method of payments is more preferred by investors.

What are the Services Offered by UPI Apps?

The Unified Payment Interface or UPI as it is popularly called is an initiative that encourages cashless payments. UPI is a platform which brings various banking services together which can be availed by the users. Due to the ease of payment and quicker instant transactions, UPI method of payment has become very popular among the users. This has also paved the way for many new UPI payment applications which have launched in the past few years.

These UPI applications are fairly easy to use and allow you to use the UPI payment method once you have registered on them. Along with that, there are many more services that are offered by the UPI applications which are as follows:

1. Money transactions

The UPI applications allow you to both send money as well as request money. You can send money through the UPI applications by the Virtual Payment Address or VPA which can be a mobile number, bank account and IFSC code or QR scan code. The other important things you need are your 6 digit UPI PIN and the 4 digit password. By using these, you can easily make a payment through the UPI application.

You can also request money through the UPI application if you know the VPA of the payer. All you need to do is enter the amount and VPA of the payer to request money from them using the UPI application.

2. Transaction History

The UPI applications store your transaction history which you can view and verify using the UPI applications. This helps you to keep a track of your transactions and also guarantee safe transactions.

3. Checking Account Balance

Once you link the UPI application with your registered bank account, you can easily check the account balance through the UPI applications by simply entering the 6 digit UPI PIN. This makes the account balance enquiry process a lot quicker.

4. Adding more than one bank account

UPI applications allow you to add more than one bank account. The only condition for doing so is to have all these bank accounts linked to the same mobile number. This allows you to choose from more than one bank account while making payments through the UPI application.

5. Setting and updating the UPI PIN

The UPI PIN is very important as it is the 6 digit number which you would have to enter every time you want to make a transaction through your registered bank account. When you first register on the UPI application, the application allows you to set the 6 digit UPI PIN of your choice. This PIN has to be confidential and you should be well aware not to share it with anyone. The added advantage of setting your own PIN is that you can update the UPI PIN anytime you want.

6. Transaction Notifications

Whenever you make a transaction using the UPI application, these applications send you a notification which reflects your transaction. In case you are not the one who has made the transaction, you can take action immediately. This is an added benefit that the UPI applications offer.

7. Managing your Bank account

As the UPI applications allow you to add more than one bank account, you can access and manage all your bank accounts at one place. This will save you time and you won’t have to open various applications for managing different bank accounts.

Conclusion 

So to conclude, UPI applications offer a number of services at one place which can prove very beneficial to the users that have registered with UPI. These services have made the UPI method one of the most popular methods of payments among users. UPI method can also be used to make payments for mutual fund investments as mutual fund investment apps like Finity are allowing UPI payment methods.

After registering on the Finity application, you can now select UPI as the preferred payment method after which all you need to do is enter the Virtual Payment Address (VPA ) and the UPI PIN and your transaction for mutual fund investment is complete.

FAQs

What is UPI?

UPI or Unified Payment Interface is a platform that brings different bank services together which can be easily availed by the users. The UPI payment method is a quicker way to send or request money as all you need is a VPA and UPI PIN.

How do I request money through the UPI application?

If you know the Virtual Payment Address or VPA of the payer, you can easily request money from the UPI application by entering the amount and VPA.

Which UPI application is the safest?

BHIM UPI is an application which is government backed. Hence, it can be considered as the safest UPI application.

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