Unified Payments Interface (UPI), the brainchild of RBI has revolutionized peer to peer payments in the country. Here’s how to use it:
- Download UPI app from participating banks on Play Store.
- Add bank account; you’ll just need to select the your Bank & your A/c will show up automatically (based on your mobile number linked with your bank a/c)
- Create a Virtual Payment Address (VPA) which can be any name. The suffix will be based on the app you are using. You can create have different VPA with different banks pointing to the same VPN.
- You can now even Collect money by requesting to the other person’s VPA.
The list of Banks on Pay Store Are: 1. Andhra Bank 2. Axis Bank 3. Bank of Maharashtra 4. Bhartiya Mahila Bank 5. Canara Bank 6. Catholic Syrian Bank 7. DCB Bank 8. Federal Bank 9. ICICI Bank 10. TJSB Sahakari Bank 11. Oriental Bank of Commerce 12. Karnataka Bank 13. UCO Bank 14. Union Bank of India 15. United Bank of India 16. Punjab National Bank 17. South Indian Bank 18. Vijaya Bank 19. YES Bank.
Source: Economic Times/ Quora