Unified Payments Interface (UPI)

DNSB    12-Sep-2019
Unified Payments Interface (UPI)
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
 
How is it unique?
• Immediate money transfer through mobile device round the clock 24*7 and 365 days.
• Single mobile application for accessing different bank accounts.
• Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
• Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
• Bill Sharing with friends.
• Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
• Merchant Payment with Single Application or In-App Payments.
• Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
• Donations, Collections, Disbursements Scalable.
• Raising Complaint from Mobile App directly
 
Benefits for end Customers:
• Round the clock availability
• Single Application for accessing different bank accounts
• Use of Virtual ID is more secure, no credential sharing
• Single click authentication
• Raise Complaint from Mobile App directly
Registration in BHIM UPI enabled application
 
Steps for Registration:
1. Download and Install BHIM app from Google Play store or Apple App store.
2. Select your preferred language.
3. Select SIM which has mobile number that is registered with DNS bank.
4. Login by setting a 4 digit application password.
5. Select and link your DNS bank account.
6. Set your UPI PIN by providing last 6 digits and expiry date of DNS Bank debit card.
7. Your account is now registered and ready to use. Send or request money and go cashless!!
 
Following are the Feature on BHIM UPI:
 • Send Money : This feature enables a user to send money using Virtual Payment Address (VPA) or combination of Account Number and IFSC or even by scanning QR code.
• Request Money : This feature enables a user to initiate a collect request by entering Virtual Payment Address (VPA). Additionally, through BHIM App, one can also transfer money using Mobile if it is registered with BHIM or *99#. Also, it is mandatory that the customers mobile number is linked with the bank account.
• Scan & Pay: Customers can pay by scanning the QR code through 'Scan & Pay' and generate QR codes in the app for making payments.
• Transactions : This option allows a user to check transaction history. It also highlights pending UPI collect requests (if any) so that a user can approve or reject the payment requests. There is a report issue tab if a customer is willing to raise any complaint pertaining to transactions.
• Profile : Profile option helps the user to view the static QR code and Payment addresses created. The QR code is downloadable and could be shared through various messenger applications like WhatsApp, Email etc.
• Bank Account : Using this Option, a customer can check the bank account which is linked with the BHIM App along with PIN status.