Everyday you see a full page newspaper advert with an UPI app that has been introduced by a bank. Since #demonetisation happened all of us are looking for alternative methods of paying people because the banks never have cash left anymore. It is the same story everyday. You stand in queue to get cash and by the time you get to the ‘teller’, he is out of cash. There’s been a lot of excitement about new UPI apps such like Axis Bank’s Axis Pay but a lot of people do not know how to use such apps to make payments.
Hopefully, after you read on you will be able to understand how Axis Pay UPI App can help make your life easy.
What is UPI?
UPI stands for Unified Payments Interface. What is Unified Payments Interface? It is a payment method like like a mobile wallet, cheque or a debit card. UPI is not being used by most major banks. UPI is interoperable between banks. This means that even if you do not have an Axis Bank account, you can still use the Axis UPI App to pay either one of your other bank accounts or anyone else with an account in any bank.
National Payments Corporation of India or NPCI allows you to use an Axis ATM card at any other branch ATM and this same organisation is behind the system of UPI. 21 major banks now have UPI in India. The best part is that a large number of government banks are also a part of this now.
How to use Axis UPI?
Because Axis Pay UPI app is a way to make payments, you can use the app to send money to not just friends and family but to buy groceries or even to shop online! The money you spend using Axis Pay will be deduced from your bank account and it will be credited to the beneficiary’s account immediately. This method is 100% secure and testes. We have already been using Immediate Payment Service or IMPS in our internet banking transactions. The UPI transfers are based on that too. The most appealing part is that just like IMPS, UPI can also be used 24 hours a day and 7 days a week. It can also be used on Sundays and bank holidays.
Why can I not use NEFT, RTGS, IMPS instead of Axis Pay UPI?
We already know that NEFT and RTGS are not instant. The transfer takes time and in some cases there is also a deduction of a certain fee.
Since the UPI system is based on IMPS itself so they are pretty similar but the UPI system is much faster that IMPS. You just have to log into the app and authorise payment. There is no need to enter a OTP like in IMPS and it is quite fast and unlike IMPS transactions are rarely timed out. In using the Axis Pay UPI there is no confusion and it isn’t painstaking like using IMPS.
The best part about using UPI is that all you have to do is just open the UPI app linked to your bank account, then enter the payee ID. The payee ID is very simple like shivangi@axis and then key in the amount that needs to be transferred and click transfer. That’s how simple it is.
How do I get started with the Axis Pay UPI?
The process is easy. All you have to do is download the Axis Pay app from the Google Play store.
Where can I use the Axis UPI app?
You can do person to person transfers directly into the bank account of friends, family or any individual. Axis UPI app is convenient for paying rent and unlike wallets like PayTM, etc. there is no limit on how much you can use from your bank account per day.
Isn’t it easier to use debit/credit card instead of Axis UPI app?
No, it isn’t. Since there is a major cash crunch you don’t have cash to [ay friends, family and colleagues for little things like meals shared together. This can be done very easily using the Axis Pay app. You can’t use your debit or credit card to pay friends, family and colleagues.
Is a bank account necessary to use the Axis UPI app?
Yes. The Axis UPI app will need to be linked to your bank account (any bank) to send and receive money.