RBI (Reserve Bank of India) and other banks have launched a smartphone app for easy payments. Known as Unified Payments Interface, this app will make the money transactions (below Rs. 1 lakh) easier. Further, it is said that using this app is also very convenient, both for regular transactions and paying money to someone.
In case, you need to pay money to someone, you will just need the receiver’s unique ID. After this, you money will be sent in just 4 simple steps:
1. Open the app
2. Provide the amount that is to be paid
3. Add the receiver’s ID
4. Select send
Finally, you’ll be asked for a mobile pin. This is simply to authenticate the payment.
Thus, without any IFSC code, you can transfer money from your account to other’s account.
• You must have a smart phone plus a bank account.
• Open playstore and download the bank’s UPI app.
• Link the bank account
• Unique ID creation
• Mobile pin Generation
• Link Aadhaar number
As per the reports, only 10 banks are involved in this. However, sources suggest that few banks may join in future.
Additionally, you can use any bank’s system. You do not need to have an account with a particular bank to use this app.
In the near future, you could make transactions through Twitter. This is because of the partnership that was announced between the company and another company ‘Lookup’.
So, users will be able to make appointments and transactions easily. Lookup provides a direct messaging platform to the customers and retailers. So, they can easily chat with each other
Almost 1.2 million users are registered in it. Users will be allowed to send a message to @lookuplite for making transactions, inquiring for services.
At present the buy button is greatly helping the users, as it helps the users to buy anything directly within the network. Now, with option, people will be able to make payment and orders.
According to reports, it is said that Twitter’s monitoring capabilities and API will be used, in order to connect merchant and the customer.
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It is also said that the users will not be connected through phone numbers; rather Google Maps will be used. Google Maps will provide info about the retailers in the particular area.
Today online payments and peer to peer payment apps are very popular in the digital world. For transferring money to a friend, relative or any online acquaintance, few apps are hugely used in today’s modern world.
Some of those popular and current payment apps are as follows:
By signing up in the app, you will get a link as ‘$Cashtag’. By clicking on the link, your relatives will be able to transfer or send the money to you. $250 is the initial payment limit that is valid peer week. If the transactions are through debit card or bank account, there would be no fees. However, 3% charge is applicable for credit card.
Using this, you can instantly send or transfer money by its app or website. PayPal.me is available in almost 18 countries and is a good way to receive or send money to your friends or relatives. If the account is linked to PayPal, then ideally there is no limit. 3% charge is applicable for using credit card.
Using the Facebook’s Messenger app, you can use this. Open a facebook’s friend chat and as you click on the dollar sign icon, you can easily mention the amount of money that you wish to transfer. Payment limit and fees is none.
There are a number of banks that offer the service for online payment. Using their apps and website, you can transfer money.
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In this, the users and the friends (to whom money is to be transferred) have to sign up. PayPal owns Venmo. The fee is same as in Square Cash. For new users, the weekly payment limit is $300.
Apart from such big and popular apps, there are few more apps like Gmail and Popmoney through which one can easily transfer money online to his acquaintances.