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.
Here is how you can use this app:
• 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.