Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application, 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. Each Bank provides its own UPI App for Android, Windows and iOS mobile platform(s).
How to get a UPI
How to activate UPI service
Benefits of UPI
- Availability: Immediate money transfer through mobile device round the clock 24*7 and 365 days
- Single Platform: Single mobile application for accessing different bank accounts
- Privacy: Only virtual address is shared and no other sensitive information.
- Security: Single Click 2 Factor Authentication
- The 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.
- Share Bill Payments: You can also share the bill with your friends.
- Payment through Aadhaar: Pay using Aadhaar Number.
- Merchant Payment with Single Application or In-App Payments.
- Scheduling PUSH and PULL Payments for various purposes, Utility Bill Payments, Barcode (Scan and Pay) based payments.
UPI on Spicemoney
Spicemoney provides digital payment solutions to the underserved section of society through its strong Agent Network. Spicemoney enables Direct Money Transfer (DMT); it is an assisted retailer model that allows cash transfer from retail locations and instant fund transfer to bank accounts across India. Modes of Payment/Money Transfer on Spicemoney are as follows:
- OR Code
- Credit Card
- Debit card
For UPI activation the customer needs to have a VPA (Virtual Payment Address) address also called UPI ID that is a unique ID you need to create in order to send and accept money via UPI. Once a UPI address is created and mapped against your existing bank account, you can simply share your UPI address.
The process of UPI on Spicemoney is as follows:
For more assistance and step to step instructions on how to make UPI account, you can watch the following help video:
Start loading your Spicemoney wallets without any charges* using UPI on b2b.spicemoney.com