The much-awaited, revolutionary payment system UPI -- Unified Payment Interface, developed by the National Payment Corporation of India -- has been launched with 21 banks in India.
UPI is a unique payment solution that provides a single interface across all systems for any payment transaction, unlike the traditional NEFT/IMPS (Immediate Payment Service) transactions, where a bank account number is a must.
In a country like India where the most of the people, specifically in rural areas, are not bank-savvy, this is likely to be the best solution for cashless transactions and to promote mobile banking transactions.
Currently, the app to enable this is only for Android phones. Here are the things you should know about Unified Payments Interface:
What is UPI?
"Unified Payment Interface" (UPI) enables all bank account holders (of banks participating in UPI) to send and receive money from their smartphones with a single identifier (the virtual payments address) – without entering any additional bank account information. UPI can also be used to pay merchants who accept UPI as a payment mode.
What is the advantage of UPI Funds transfer over other fund transfer mechanisms?
The service is instant and available 24X7, even on public/bank holidays. Customers can transfer funds in simple steps by providing the virtual payment address of the beneficiary. Also, there is no pre - registration required for the beneficiary.
What is a Virtual Payment Address (VPA)?
"Virtual Payment Address" is an identifier (that takes a form of abc@pockets wherein "abc" is a unique name that you can choose for yourself) that can be uniquely mapped to an individual account using a translation service. UPI services of ICICI Bank offers customers the option to create any number of virtual addresses so that they can use the virtual address for making and receiving payments.
How can I generate a VPA?
If you are an ICICI Bank customer, you can download Pockets and assign a VPA to the "UPI" section in Pockets. If you are a Non ICICI Bank customer, download Pockets, register yourself and navigate to the UPI section. Under the UPI Section, navigate to "Add My Bank Accounts". Here, you can choose a VPA and then link bank accounts that you hold with other banks.
How do I link my other bank accounts in ICICI Bank mobile applications?
- Please ensure that the mobile number linked to your Pockets mobile application is the same as the mobile number registered with the bank whose account you would like to link.
- In Pockets mobile application, navigate to the UPI screen by clicking on “UPI” on the home screen. Then navigate to "Add My bank accounts".
- Choose your VPA. You can use your existing VPA if you have already created one or create a new one.
- On the next screen, search for and choose the bank hold an account with.
- The next page should list the bank accounts held with the chosen bank and linked to the same mobile number.
- Choose the account you would like to add. If you already have an MPIN, choose the option "Use Existing MPIN" and enter your MPIN associated with this bank account to complete the linking process.
- Alternatively, choose the option "Generate MPIN". Enter your Debit Card details as directed on the next screen. You should have received an OTP from your bank at this point. Enter the OTP as well.
- Choose your MPIN for this account. This MPIN will be used in the future for every transaction that you make on this account. Ensure you don’t reveal this MPIN to anyone else.
- When your Debit Card details are validated with your bank, your account will be linked instantly to Pockets mobile application.
How can I transfer using a VPA?
- Login to Pockets mobile application and click on 'UPI'.
- Click on "Send Money using VPA (UPI)".
- Fill out the details on the screen such as beneficiary VPA, amount and remarks. If you have multiple accounts/virtual payment addresses, you can choose the VPA you would like to debit. Click on Submit.
- Please review the next screen carefully to ensure you have filled all details correctly.
What details do I need to either send money or request money?
You need the VPA of the beneficiary or the remitter. You don’t need any other details to initiate a transaction.
I intend to add multiple accounts from other banks to Pockets. Do I need a separate VPA for each of these accounts?
You have the choice of either linking all accounts to a single VPA. In this scenario, please ensure you appropriately tag which account you would like to use as the default account to debit and which account you would like to use as the default account to credit. Alternatively, you can assign a separate VPA for each account.
The service is instant and available 24X7, even on public/bank holidays. Customers can transfer funds in simple steps by providing the virtual payment address of the beneficiary. Also, there is no pre - registration required for the beneficiary.
What is a Virtual Payment Address (VPA)?
"Virtual Payment Address" is an identifier (that takes a form of abc@pockets wherein "abc" is a unique name that you can choose for yourself) that can be uniquely mapped to an individual account using a translation service. UPI services of ICICI Bank offers customers the option to create any number of virtual addresses so that they can use the virtual address for making and receiving payments.
How can I generate a VPA?
If you are an ICICI Bank customer, you can download Pockets and assign a VPA to the "UPI" section in Pockets. If you are a Non ICICI Bank customer, download Pockets, register yourself and navigate to the UPI section. Under the UPI Section, navigate to "Add My Bank Accounts". Here, you can choose a VPA and then link bank accounts that you hold with other banks.
How do I link my other bank accounts in ICICI Bank mobile applications?
- Please ensure that the mobile number linked to your Pockets mobile application is the same as the mobile number registered with the bank whose account you would like to link.
- In Pockets mobile application, navigate to the UPI screen by clicking on “UPI” on the home screen. Then navigate to "Add My bank accounts".
- Choose your VPA. You can use your existing VPA if you have already created one or create a new one.
- On the next screen, search for and choose the bank hold an account with.
- The next page should list the bank accounts held with the chosen bank and linked to the same mobile number.
- Choose the account you would like to add. If you already have an MPIN, choose the option "Use Existing MPIN" and enter your MPIN associated with this bank account to complete the linking process.
- Alternatively, choose the option "Generate MPIN". Enter your Debit Card details as directed on the next screen. You should have received an OTP from your bank at this point. Enter the OTP as well.
- Choose your MPIN for this account. This MPIN will be used in the future for every transaction that you make on this account. Ensure you don’t reveal this MPIN to anyone else.
- When your Debit Card details are validated with your bank, your account will be linked instantly to Pockets mobile application.
How can I transfer using a VPA?
- Login to Pockets mobile application and click on 'UPI'.
- Click on "Send Money using VPA (UPI)".
- Fill out the details on the screen such as beneficiary VPA, amount and remarks. If you have multiple accounts/virtual payment addresses, you can choose the VPA you would like to debit. Click on Submit.
- Please review the next screen carefully to ensure you have filled all details correctly.
What details do I need to either send money or request money?
You need the VPA of the beneficiary or the remitter. You don’t need any other details to initiate a transaction.
I intend to add multiple accounts from other banks to Pockets. Do I need a separate VPA for each of these accounts?
You have the choice of either linking all accounts to a single VPA. In this scenario, please ensure you appropriately tag which account you would like to use as the default account to debit and which account you would like to use as the default account to credit. Alternatively, you can assign a separate VPA for each account.
