UPI

Mobile Wallets vs UPI: Are Digital Wallets Dying?

Mobile wallets have once the ruled the digital payments world. Because of their easy to use interface, they have become the most favorite and adaptable payment method for everyone.

As time passed, during the time of Demonetization, the Government has innovated a new payment method called Unified Payments Interface (UPI).

Does this new payment method become a threat to the sustainability of the mobile wallets? What will be the future of Digital or Mobile Wallets? Let’s discuss these topics further here.

Well, What Is The Problem With Mobile Wallet?

For a digital payment platform to succeed in a cash based-economy like India, it should have the three major elements, which we have given below working for it:

Financial sustainability
Interoperability
Ease of Access

All Digital Wallets loses out on interoperability, even though they score well on the aspect of ease of access.

That is, it is quite impossible to transfer money from one wallet to other. Also, to be able to use some Digital wallet apps, there are some limitations on the least amount that you need to have in your wallets. This restriction makes the user to prefer either cash or card payment over wallets.

Next, with the emergence of demonetization, the Digital Wallets market becomes overcrowded. Even though there are a large number of Digital Wallets to choose from, most of them offer little to no difference, which becomes a very weak case for Digital wallets.

The future of Digital wallets seems bleak unless the companies start adding new values to their offering.

UPI’s Edge

Unlike Digital Wallets, UPI wins the aspect of interoperability. It allows instant fund transfer from one bank to another, and the money will get reflected instantly in your account.

But in the case of Digital wallets, say if you are receiving funds from someone, you will need to transfer the money to your bank accounts from the wallets. In case of UPI, you don’t need to undergo all these steps, and instead, the money is directly sent to your bank accounts.

The next greatest advantage of using UPI is that with just a single UPI Virtual Payment Address, you can send and receive money from several UPI supported banks.

So, When’s The Funeral For Digital Wallets?

Not anytime soon.

Since the UPI system isn’t as popular as Digital wallets, they still have an edge today. Also, UPI might become prone to security issues, since it allows directly sending the money to the bank account. But the money doesn’t directly reach your bank account, in the case of Digital Wallets.

Some experts argue that the death of digital wallets are inevitable, but many suggest that digital wallet will evolve to become something more. Something that enables a “frictionless” payment experience and eventually co-exists with UPI as an alternative payment method.

What do you think? Will digital wallets become extinct in the future? Share your thoughts with us using the comments section given below.

BHIM App For iOS: How To Download And Use BHIM On iPhone

Initially, the BHIM app was developed solely for android users. But in February 2017, the NPCI has launched the BHIM app for iOS, which will let you enjoy secure, fast and easy payments using your iPhone, iPad and other iOS devices.

This post will answer all of your questions regarding BHIM app for iOS.

Is there a way to download BHIM app for Windows or iOS?

Since the day BHIM was launched for Android, each and every user of iPhone has been waiting for this moment. Finally, the wait ends here. Yes, you heard it right. You can now easily download and use the all-new BHIM app for your iPhone as well.

The NPCI has now recently released the BHIM app for iOS users also. But the windows version of the BHIM app is still not available.

Why there is no BHIM or UPI app for Windows?

All of the UPI apps have been developed only for the android users. The reason behind this is android’s user base in India is relatively larger when compared to that of iPhone and Windows smartphone.

As being the nodal agency for UPI payments app, the NPCI initially developed the UPI framework only for android. But due to heavier request, it has released the UPI framework for the iPhone users as well.

Features of BHIM app for iOS

Here are the features of the iOS version of the BHIM app. It is expected to have these same features in the windows version of the app as well.

Send Money

The major feature of using BHIM app is that you can easily send money using this app. To send money through BHIM app, you need to have the mobile number or the VPA of the beneficiary (Note: The mobile number should be a registered one).

Request Money

Just like other UPI payments app, you can request money from anyone who is having a VPA or UPI enabled mobile number. This option is very handy, and all you need to do here is just send a request to the person using the BHIM app.

Scan & Pay

This option allows you to pay the beneficiary by just scanning their QR code. BHIM app has a built-in QR code scanner, and this makes the payment one step easier than ever.

Generate QR code

With this option, you can generate a QR code of your own for your VPA. It facilitates fund transfer without the use of mobile number or VPA. This feature is solely designed for the merchants.

Transactions

If you want to list all the transactions done through BHIM UPI app, then this feature can be used. Not only the completed transactions but also all the pending transactions will be listed in a separate tab.

How to download and use BHIM app for iOS

The BHIM UPI app is pretty easy to use when compared to other UPI apps. To be able to transact through BHIM app, the first step is to download the app. As I said earlier, the iOS version of the BHIM app is released now, and here I will guide you through the steps to download and use it in a highly efficient way.

Steps To Install BHIM UPI app on iPhone

Step 1: To get started, you need to download the app. Go to the app store on your iPhone and type “BHIM app” in the search box and hit “Enter“.

Step 2: Now you will get the list of UPI apps. Search for the one developed by the NPCI (National Payment Corporation Of India).

Step 3: Once you locate the exact app, tap on it to open the app details page.

Step 4: Now to install the app on your iPhone, click on “Install” and within a fraction of seconds, the app will be downloaded and installed on your iPhone.

Adding The Bank account

Now the app is successfully installed. The next step is to add a bank account to the app.

Step 1: To add a bank account, launch the app from your app drawer.

Step 2: On the homepage, you will be asked to choose your preferred language. Choose one as per your wish and tap on “Next“.

Step 3: The next screen will display some of the basic features of the BHIM app. Go through the features and click “Let’s get started”.

Step 4: The next step is to verify your mobile number. The app will send an SMS from your registered mobile number to verify the account.

Step 5: After successful verification, you will be asked to set an app password. Set the password of your choice and click on “Confirm“. Make sure to remember the password, as it will be used to open your app the next time.

Step 6: In the next window, the app will show you the list of all the available banks. Choose your bank from the list and click on
“Next“.

Step 7: If done properly, the app will automatically select your registered bank account. To confirm the account, tap on it, and it will be immediately added to the app for future use.

Sending money through BHIM app for iOS

Now you have added your bank account to the app. Let’s see how to send money using this app.

Step 1: Launch the BHIM app on your iPhone. Now on the home screen, you will be listed with the available features of the app.

Step 2: Now click on “Send” option. Once you do that, you will be taken to the next screen.

Step 3: Now enter the VPA or the mobile number of the beneficiary to whom you wish to send the money and click on Verify to verify the beneficiary’s mobile number or the VPA.

Note: The app will display an error message if the entered detail is incorrect. Or else, the app will take you to the next screen, i.e., to the payment page.

Step 4: In the next screen, you will be getting an option to enter the amount of your choice and the remarks for the transaction. Enter the amount and the remarks and click on “Pay” to send the money.

That’s it. The money will be sent immediately, and you will receive a confirmation message once done.

Requesting Money Using BHIM App for iOS

Another great feature of the BHIM app is that you can also request money from someone just like sending the money. Here are the steps to request money using BHIM app.

Step 1: On the home screen of the BHIM app, click on “Request“.

Step 2: In the next screen, enter the VPA or the mobile number of the recipient from whom you are requesting money and click on “Verify” to verify the details entered. If the entered details are valid, you will be taken to the request money page.

Step 3: Here, enter the amount that you wish to request along with remarks and validity for the request. Once done, click on “Request“.

That’s it. Your request will be sent immediately, and the person from whom you are requesting money will receive a message

How to use Scan & Pay in BHIM App for iOS

Till now we have seen how to send and request money using BHIM app. Let’s discuss how to scan the QR code of the beneficiary and pay them.

Step 1: On the home screen of the BHIM app, select the option “Scan and Pay” from the list of available options.

Step 2: Now you will be taken to a page where you can scan the beneficiary’s QR code using the in-app camera. Hold your camera focusing the QR code and scan the code.

Note: During the scan process, the app will automatically read and verify the details. After successful verification of the QR code, you will be directly taken to the payment page.

Step 3: In the payment page, enter the amount that needs to be paid along with remarks. Now, click on “Send” to pay the money.

That’s it. Your money will be sent immediately, and after the transaction is successfully completed, you will receive a confirmation message.

Note: There is an added advantage of using BHIM app. You can save the VPA or the mobile number for future use. For this, select the option ‘Save for future’ while sending or requesting money.

How To Install UPI (United UPI) On Mobile?

Reserve Bank Of India (RBI) has launched an all new payment interface called UPI interface under the initiative of National Payments Corporation Of India (NPCI). This is going to be the great initiative for the cashless economy, and it is expected to be the biggest change in the financial sector.

UPI payment interface is designed based on the RUPAY payments by MasterCard and Visa, and this will allow you to transfer funds between different banks by interconnecting them.

United UPI app is specially designed for Android users to transact funds via the UPI payment method. This app can be downloaded from the play store just like any other banking apps, and you can use it for transacting funds between any bank account.

Let’s find out how you can install United UPI on your smartphone or tablet.

Steps To Install Unified Payment Interface UPI App:

Here are the steps to install and use the new UPI app on your smartphone.

Downloading The United UPI App:

Step 1: To get started, go to Android play store on your smartphone or tablet and search for “United UPI” app.

Step 2: Once you find the app, click on “Download” to download and install it on your device.

Step 3: The app will start downloading now, and in a fraction of seconds, it will be auto installed on your Android device.

Getting Started With The App:

Step 1: Once the United UPI app is installed, click on “United UPI” app icon on your Android device to launch the app.

Step 2: In the homepage of the app, you will be asked to verify your mobile number. Tap on “Click Me” button to get verified.

Step 3: Make sure that the number associated with your bank account is inserted into the slot 1 of your smartphone or tablet using Android OS version 5.0 or lower. If your device is using Android OS version 6.0 or later, make sure that your primary mobile number is selected as the default number for SMS.

Step 4: Once your number is verified, you will be redirected to the new user registration page. Fill all the necessary details like the First and the Last Name, Mail ID, DOB, and your password (6 digit PIN). Once done, click on “Complete Registration“.

Step 5: On successful registration, you will see the following screen.

Adding Your Bank Account:

Step 1: To add your bank account, click on “Add Bank A/C”.

Step 2: On the next page, select your bank from the list of banks available.

Step 3: Once you chose your bank, you will be presented with the list of accounts associated with that bank. Select the desired bank account and click “Submit“.

Step 4: Your selected bank account will be successfully added to the app.

Creating Virtual Payment Address (VPA):

Step 1: To transfer funds via United UPI, you need to create a virtual payment address (VPA). You can use your mobile number and your bank name to create this unique ID.

Step 2: For example, let’s say your mobile number is 98452, and your Bank is ICICI, then your virtual ID will be 98452@ICICI.

Step 3: Now to create a Virtual Address for your account, click on “Add Virtual Address“.

Step 4: In the Virtual Address Creation page, select the bank account that you have added in the previous step.

Step 5: In the next page of Virtual Address Creation, you can select the user frequency, and set the expiry date and the amount limit to create the Virtual Address.

Step 6: Once done, select your desired Virtual PIN and click on “Submit“.

Step 7: That’s it. Now you have successfully created the Virtual Payment Address.

Generating UPI PIN For Fund Transfer:

Step 1: Now you need to generate UPI PIN for your transacting funds. To do that, click on “Set UPI PIN“.

Step 2: Next, select your bank account to set the PIN.

Step 3: In the next page, you need to provide the last six digit of your debit card and the expiry date. Click on “Submit” once entered.

Step 4: Now you will be prompted to verify your bank account via OTP. Enter the OTP you receive and select your desired UPI PIN. Once done, click on “Submit” to create the pin.

Step 5: That’s it. You have successfully added your bank account to the UPI payments app.

Now you can easily transfer money using the United UPI Android app.

How To Send Money Using UPI App (United UPI)?

The next question that probably pops up in your mind is how to send money using UPI app, i.e., United UPI. Well, it is not a difficult process. Just follow the steps given here carefully, and you can easily send money through the UPI app.

Let’s discuss the steps in detail.

Step 1: To get started, you need to open your downloaded UPI payments app (United UPI) using the Passcode.

Step 2: On the homepage of the app, you will see the option like “Pay”. Click on it.

Step 3: Next you need to choose the bank account from which you wish to send the money. If you have linked only one bank account, then you don’t have to choose it.

Step 4: Once you have selected the bank account, you need to choose the receiver. Now you have to enter the receiver’s bank account number and IFSC code or the Virtual Address or Aadhaar Number. We recommend you to use the Virtual Address.

Step 5: Finally, you have to enter the amount that needs to be transferred and click on “Send Money”. Now you will be asked to have to enter the UPI PIN.

Enter the PIN, and you are all set to go.

That’s it. The money immediately gets credited to the account of the recipient.

TruPay – What Is It And How It Works?

Just like all other payment companies, Trupay India has launched its new UPI enabled app for iOS and Android users.

It is the first non-bank UPI enabled app, which ensures its users secure and safe online money transaction. It also has become one of the fastest growing UPI apps among its users. Let’s discuss its features.

What Are The Benefits of Using TruPay?

1) Just like all the other UPI payments app, this TruPay reduces the risk of typing one’s private details like the card number, bank account details, password, and pin number.

2) All TruPay transactions are done in real time to make sure that the receiver gets the money directly into their account within a fraction of a second.

3) TruPay allows its users to transform their mobile phone into a POS device. This system is to make sure that even the smallest merchant get to use the same benefits by democratizing the payments collection system.

4) TruPay acts as a pocket bank which helps you to earn interest on the money you put in the wallet till you started paying it off to the merchants.

5) To eliminate the risk of hacking, the app allows you to create a Virtual ID.

6) The one major advantage is that it saves lots of time with its one-touch functionality.

How To Download and Use Trupay UPI App

Step 1: First download the Trypay UPI app from Android Play Store.

Step 2: Once downloaded, open the app from your Android app drawer.

Step 3: On the home screen, the app will suggest you to do some basic steps. Click Next -> Next -> Finish.

Step 4: Now to get started, the app will let you enter your mobile number that is linked to your bank account.

Step 5: Enter the number in the given text box and click “Next”.

Step 6: On the next screen, you need to enter your Full Name and your Email ID. Once done, click “Next”.

Step 7: The next step is to create a password for secure login. Create a 4 digit Trupay password, confirm it and click on “Next”.

Step 8: The next screen will let you create an UPI ID. Click on Create UPI ID and the app will automatically verify your registered mobile number by sending a text message.

Step 9: The app will now suggest some UPI IDs. Select the one that suits you, or create a new UPI ID and click on “Next”.

Step 10: To make your UPI experience more secure, the app will now ask you to set a security question.

Step 11: Select the question from the list of questions, enter your answer on the respective text box and click on “Done”.

Step 12: The next step is to select your bank. Select your bank from the list shown on the app screen.

Note: For tutorial purpose, I am selecting the ICICI bank.

Step 13: That’s it. You have now successfully set up your Trupay app. Now to send and receive the money follow the below steps.

Step 14: To send money, select “Send Money” on the app home screen.

Step 15: On the next screen, you can add the beneficiary by either using their bank account details or by using their UPI ID. Select your option, enter the necessary details and click on “Add“.

Once you have added the beneficiary, you can start sending and receiving the money instantly using TruPay.

Conclusion

TruPay has ensured maximum democracy and safety for every user. The app focuses on preventing foul plays in the online transaction space, which will definitely be an appreciable one. We hope to see more updates from this app, which make it a successful one by beating its competitors in the nearest future.

Google Pay: What Is It And How It Works?

UPI has become a popular mode of payment transfer these days, and plenty of UPI mobile apps are being launched every day. Now Google has joined this race by launching its own UPI-based payments app named Google Tez.

The app is now available for both Android and iOS users. Here is a step by step guide to get started with this all-new UPI application.

What is Google Tez?

Google Tez is a UPI (Unified Payments Interface) based mobile wallet from Google. Just like all the other UPI based wallets, this app also permits its users to transfer funds without requiring the recipient’s bank accounts.

In this case, to simplify the process of money transfer, recipient’s UPI ID is used as a proxy for the bank account number and IFSC Code.

How is it different from other digital wallets?

One of the main difference between Google Tez and other UPI apps is that you don’t need to store the money in this app to make the payments, whereas most of the other digital wallets don’t let you transfer funds without storing it in the app.

Also, this digital wallet works as an extension of recipient’s bank accounts, which means that you can earn interest on the unused money remains in the bank.

Apart from this, each transaction is initiated by the sender entering his UPI pin with the additional security of existing phone locks.

How can you transfer money using Google Tez?

Step 1: To start using the app, you need to first download the app from the Google Play Store or Apple App Store. Click on the “Install” button as shown below to download and install the app on your Smartphone.

Note: The screenshots given here are from an Android Smartphone, and they are for illustration purpose only.

Step 2: Once installed, open the app from your Android app drawer.

Step 3: Choose your desired language to get started with the app.

Step 4: On the next screen, you need to enter the mobile number that is linked to your bank account. Enter your number and click “Next” as shown in the picture below.

Step 5: Next, the app lets you choose your Google account (this is for receiving notifications and alerts from the app). Choose your Google Account from the listed accounts, or you can also add an account by clicking on the “Add Account” button. Click “Continue” once the account is selected.

Step 6: On the next screen, the app will automatically send an OTP message to the registered mobile number for verification. Also, the app will automatically detect the OTP once your device receives it and will progress to the next step.

Step 7: Unlike all other digital wallets, Google Tez supports an in-app lock. You can create a new Google PIN for Tez lock. You can also use your phone’s screen lock for additional security. Click “Continue” to set the PIN.

Step 8: The next screen will let you choose a four-digit PIN. Enter your chosen PIN twice to set the PIN.

Step 9: Now you have reached the app’s home screen. To make payments through UPI, you first need to select your bank account number. Click on “Add Bank Account” as shown below.

Step 10: The next screen will let you choose your bank. Google has tied up with a large number of banks, including Axis, ICICI, HDFC, SBI, and many other banks. Select your bank from the list of available banks as shown below.

Step 11: The app will automatically verify the number linked with your bank account and will add the selected bank account to the app.

Note: Users who already have UPI PIN can proceed to the next step by entering their pre-registered unique UPI PIN. Or if you have don’t have a UPI PIN, then you will have to create one.

Step 12: Once the bank account is linked, you can start transferring the fund using any of the available options. Click on “New” under Payment section of the app. Now you will be listed with the available options to transfer funds.

1. Either using Account Number and IFSC or
2. Using UPI ID, QR, or Phone

Select your desired option and enter the details on the next screen to transfer funds.

Other Features Of Using Google Tez:

Using Google Tez, you can also transfer funds by entering the recipient’s phone number or by using the camera to scan QR code.

Another great feature of Google Tez which set this app apart from all the other mobile wallets is that you can use the “Cash Mode” which allows quick money transfer with nearby Tez users without sharing their phone number.

What do you think about Google Tez UPI app? Have you tried it on your device? If so, share your opinion here.