Last week, National Payments Corporation of India (NPCI) gave the final nod to banks for publishing their UPI-enabled apps on Google Play Store. UPI or Unified Payments Interface is an advanced version of IMPS (Immediate Payment Service) that aims to make funds transfers easier. The new payment interface eliminates the need of adding payee details such as bank name, branch, IFSC code and full name of the recipient. Instead, one needs to create a Virtual Payment Address (VPA), to send and receive payments. Now, let’s take a quick look at how to get started with UPI apps, the registration process and how to send and receive funds.
Out of the 29 participating banks, NPCI has given approval to 21 banks for publishing their apps. As of now, Axis Bank, Union Bank Of India, UCO Bank, ICICI Bank, Federal Bank, Vijaya Bank, Andhra Bank, Bank of Maharashtra, Karnataka Bank and Canara Bank have published their apps. While ICICI Bank’s app is called Pockets, Canara Bank’s app is called ‘epower’ and so on. Flipkart’s PhonePe has also launched a UPI-based mobile wallet in partnership with Yes Bank. To find the UPI app of your bank, you can either search for UPI on Play Store, or type your bank name. If it is UPI enabled, the same will be written in the headline or in the description.