What Is UPI & What Are Its Benefits
UPI stands for Unified Payment Interface and as the name implies it acts as an interface for fund transfer between two bank accounts.
It is considered to be one of the advanced methods for payment processing among all the digital payments method. UPI is a mobile based payment system, and it is dedicatedly developed for Android smartphone users.
Sending or receiving money becomes very fast and easy with the use of this UPI app., You don’t need to wait in a long queue to send or receive money. You can easily send the money just like sending an SMS.
Also, you don’t need to provide your bank details to send or receive money through this UPI payments since it uses the VPA (Virtual Payment Address).
Benefits Of Using UPI (Unified Payment Interface):
Unified Payment Interface or UPI is the new way of money transfer. UPI has many advantages over the other traditional or older payment methods. As a result, it turns out to be a revolutionary innovation in the new Digital Payments market. Let have a look at some of the major benefits of UPI app here.
1. With UPI you can immediately transfer the funds to your recipient, and you don’t have to wait in a long queue to transfer the funds. Also, there are no restrictions on working hours and holidays. You can transfer money 24/7 on all days.
2. UPI eliminates the requirement of bank account details like the account number, IFSC codes, etc. while sending money to a recipient.
3. Using a single UPI app, you can send or receive money from different bank accounts.
4. The major benefit of UPI is that you don’t need to wait 24 hours to add a new payee. The payee will be added immediately, and you can transfer money to the new beneficiary instantly.
5. This new app made your online payment a more secured one. And regarding cash on delivery, you don’t need to pay the cash to the delivery boy as you can just approve the bill through your UPI app, and he will get the confirmation and receipt of your payment.
6. It is a real-time-based payment method, and the user interface is designed in a way that it is highly easy to use.
7. Sending money via UPI involves only a single step, rather than the multiple steps which usually associates with NEFT, RTGS and IMPS transfer.
8. Reduced transaction charges when compared to other modes of transfer.
These are the benefits of UPI (Unified Payment Interface). Although there are some disadvantages to UPI (20,000 INR transactional limit), these benefits make it one of the best method to send and receive money. So what are you waiting for? Start using the UPI payment service right away.
Does UPI Is Better Than IMPS?
If you would like to know whether using UPI Payments is better than IMPS, read below.
Everyone knows that using the IMPS payment method, you can transfer funds immediately but using UPI payments for transferring money have some advantages over it. They are:
1. To transfer money through IMPS, you need to know the bank account details of the recipient, whereas, in the case of UPI payments, you don’t need this actually. You can simply transfer the money using VPA (Virtual Payment Address).
2. Unlike IMPS, you can ask for the payments using UPI payments app. Also in just a single click, the amount would reflect immediately on your bank statement.
3. The other advantage of using UPI is that you don’t need to click through several screens for transferring money like in an IMPS transfer. Because of this unique feature, the success rate of UPI payments app has gone up to a considerably higher level.
4. You can’t pay for online shopping through the IMPS, but with UPI you can do that.
The above advantages prove that the new UPI payments app is far better than IMPS and any other older payment methods.
What Is The Charge For UPI Transfer?
Now the next question that pops up in your mind is, what will be the extra cost for UPI Money Transfer?
Actually, you will be surprised to hear that this service doesn’t come with an additional cost. Yes, you heard that right. Unlike other payment methods, you can transfer money via UPI by just paying 50 paise per transaction.
Let’s find out why transferring money via UPI (Unified Payment Interface) is the best option:
1. Transferring funds through the NEFT will cost about at least 2.5 rupees per transaction. And transferring through IMPS payments will have a minimum service charge of 5 rupees per transaction. But with UPI money transfer, you will have to pay just 50 paise per transaction.
2. Making payments via credit card will costs a lot more than NEFT and IMPS payments, but the seller always bears it. Now with UPI, the seller can pass the benefit of low cost of the transaction to you by reducing the price of the products.
List Of Banks That Are UPI Enable
UPI as a revolutionary method of fund transfer is facilitating the Digital India scheme. UPI is a mobile based fund transfer system, and the National Payments Corporation has developed it.
Any bank in India can use this new payment method either by integrating it into the existing bank apps or by developing a new dedicated UPI app. However, as of now only a few of the banks in India have enabled this new payment method.
The banks which facilitate the money transfer through UPI payments are the UPI enabled banks. These banks, in turn, will let their customers use the Unified Payment Interface either using a dedicated UPI app or using their existing Mobile banking app.
Here we have listed down the banks which are UPI enabled. Before that, you need to know the types of UPI enabled banks.
Types of UPI Enabled Banks:
There are three different types of UPI enabled banks. They are:
1. Banks with UPI apps:
As the name implies, these are the banks that have a dedicated UPI app. Most of the banks from the list given below will come under this category. These banks either have a new UPI app or it may have integrated its existing app with UPI. For example, HDFC Bank, ICICI Bank, Axis Bank, PNB, and SBI have integrated UPI in their existing Mobile banking apps.
2. Banks without a UPI app:
Few banks like the Bank of Baroda, neither partnered with a third party app nor developed a new app for UPI payments. This kind of banks fall under this category and are called laggards.
3. Banks with third party UPI app:
Few banks like the Yes bank, have partnered with a third party UPI app and they use their system for UPI Money transfer.
List Of UPI Enabled Banks
|Sr. No.||Bank Name||Type||Application Name||Handles|
|1||Airtel Payments Bank||PSP & Issuer||My Airtel -Online recharge, Pay Bill , Wallet, UPI||airtel,airtelpaymentsbank,apb|
|2||Allahabad Bank||PSP & Issuer||BHIM Allbank UPI||allbank,albk,allahabadbank|
|3||Andhra Bank||PSP & Issuer||Bhim Andhra Bank One- UPI App||andb|
|4||Axis Bank||PSP & Issuer||BHIM Axis Pay UPI App and Freecharge||axisgo,axis,pingpay,lime,axisbank,okaxis, abfspay|
|5||Bank of Baroda||PSP & Issuer||BHIM Baroda PAY||barodampay|
|6||Bank Of India||PSP & Issuer||BHIM BOI UPI||boi|
|7||Bank of Maharashtra||PSP & Issuer||BHIM Maha UPI||mahb|
|8||Canara Bank||PSP & Issuer||BHIM Canara- eMPower||cnrb|
|9||Catholic Syrian Bank||PSP & Issuer||CSB UPI||csbpay,csbcash|
|10||Central Bank of India||PSP & Issuer||BHIM Cent UPI||centralbank,cbin,cboi|
|11||City Union Bank||PSP & Issuer||City Union Bank UPI||cub|
|12||DBS Digibank||PSP & Issuer||Digibank||dbs|
|13||DCB Bank||PSP & Issuer||BHIM DCB Bank UPI||@dcb, @dcbbank|
|14||Dena Bank||PSP & Issuer||BHIM Dena UPI||denabank|
|15||Equitas Small Finance Bank||PSP & Issuer||Equitas UPI||equitas, purz|
|16||Federal Bank||PSP & Issuer||BHIM LOTZA UPI Payments APP||federal,fbl|
|17||Fino Payment Bank||PSP & Issuer||Fino Bpay||finobank|
|18||HDFC Bank||PSP & Issuer||HDFC Bank Mobilebanking and PayZapp||hdfcbank,payzapp,okhdfcbank,rajgovhdfcbank|
|19||HSBC||PSP & Issuer||HSBC Simple Pay||hsbc|
|20||ICICI Bank||PSP & Issuer||iMobile By ICICI Bank and Pockets||imobile, pockets,ezeepay,eazypay,icici,okicici|
|21||IDBI Bank||PSP & Issuer||BHIM PAyWIZ by IDBI Bank||idbi, idbibank|
|22||IDFC First Bank||PSP & Issuer||IDFC Bank BHIM UPI App||idfc,idfcbank,idfcnetc,cmsidfc|
|23||Indian Bank||PSP & Issuer||BHIM Indian Bank UPI||indianbank,indbank,indianbk|
|24||Indian Overseas Bank||PSP & Issuer||BHIM IOB UPI||iob|
|25||IndusInd Bank||PSP & Issuer||BHIM Indus Pay||indus|
|26||Jammu and Kashmir Bank||PSP & Issuer||BHIM JK Bank UPI||jkb|
|27||Janta Sahakari Bank Pune||PSP & Issuer||JetPay||jsbp|
|28||Jio Payments Bank||PSP & Issuer||MyJio||jio|
|29||Karnataka Bank||PSP & Issuer||BHIM KBL UPI||kbl,karb,kbl052|
|30||Karur Vysya Bank||PSP & Issuer||BHIM KVB Pay||kvb,karurvysyabank,kvbank|
|31||Kotak Mahindra Bank||PSP & Issuer||BHIM KOTAK Pay||kotak,kaypay,kmb,kmbl|
|32||Oriental Bank of Commerce||PSP & Issuer||BHIM Oriental Pay||obc|
|33||Paytm Payments Bank||PSP & Issuer||Paytm App||paytm|
|34||Punjab & Sind Bank||PSP & Issuer||BHIM PSB||psb|
|35||Punjab National Bank||PSP & Issuer||BHIM PNB||pnb|
|36||South Indian Bank||PSP & Issuer||BHIM SIB UPI||sib|
|37||Standard Chartered Bank||PSP & Issuer||SC UPI||srcb,sc,scmobile,scb,scbl|
|38||State Bank of India||PSP & Issuer||BHIM SBI Pay||sbi|
|39||Syndicate Bank||PSP & Issuer||BHIM SyndUPI||syndicate,syndbank,synd|
|40||The Lakshmi Vilas Bank Limited||PSP & Issuer||BHIM LVB UPAAY||lvb,lvbank|
|41||RBL Bank Ltd.||PSP & Issuer||BHIM RBL Pay and RBL Mobank 2.0||rbl|
|42||The Thane Janta Sahakari Bank Ltd(TJSB)||PSP & Issuer||Tranzapp –UPI||tjsb|
|43||UCO Bank||PSP & Issuer||BHIM UCO UPI||uco|
|44||Union Bank of India||PSP & Issuer||BHIM Union Bank UPI App||unionbankofindia,unionbank,uboi|
|45||United Bank of India||PSP & Issuer||BHIM United UPI Pay||ubi,united,utbi|
|46||Vijaya Bank||PSP & Issuer||BHIM Vijaya UPI App||vjb,vijb,vijayabank|
|47||Yes Bank||PSP & Issuer||BHIM YES Pay||yesbank,yesbankltd|
|48||Bandhan Bank||PSP & Issuer||BHIM Bandhan UPI||bandhan|
|49||Dhanlaxmi Bank Ltd||PSP & Issuer||BHIM DLB||dlb|
|50||AU Small Finance Bank||PSP & Issuer||BHIM AUPay||@aubank|
|51||Corporation Bank||PSP & Issuer||BHIM CORP UPI||@corp|
|52||ESAF Small Finance Bank||Issuer|
|53||Andhra Pragathi Grameena Bank||Issuer|
|54||Andhra Pragathi Grameena Vikas Bank||Issuer|
|55||Apna Sahakari Bank||Issuer|
|56||Assam Gramin VIkash Bank||Issuer|
|57||Baroda Gujarat Gramin Bank||Issuer|
|58||Baroda Rajasthan Khetriya Gramin Bank||Issuer|
|59||Baroda Uttar Pradesh Gramin Bank||Issuer|
|60||Bassein Catholic Coop Bank||Issuer|
|61||Chaitanya Godavari Grameena Bank||Issuer|
|62||Chhattisgarh Rajya Gramin Bank||Issuer|
|64||Dena Gujarat Gramin Bank||Issuer|
|65||Dombivali Nagrik Sahakari Bank||Issuer|
|66||G P Parsik Bank||Issuer|
|67||Jalgaona Janata Sahkari Bank||Issuer|
|68||Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd.||Issuer|
|69||Karnataka vikas Gramin Bank||Issuer|
|70||Kashi Gomti Samyut Gramin Bank||Issuer|
|71||Kerala Gramin Bank||Issuer|
|72||Maharashtra Grameen Bank||Issuer|
|73||Manipur Rural Bank||Issuer|
|74||Meghalaya Rural Bank||Issuer|
|75||Mizoram Rural Bank||Issuer|
|77||Pragathi Krishna Gramin Bank||Issuer|
|79||Punjab and Maharastra Co. bank||Issuer|
|81||Rajasthan Marudhara Gramin Bank||Issuer|
|82||Rajkot Nagari Sahakari Bank Ltd||Issuer|
|83||Samruddhi Co-op bank ltd||Issuer|
|84||Saurashtra Gramin Bank||Issuer|
|85||Surat People Cooperative Bank||Issuer|
|86||Sutex Co operative Bank||Issuer|
|87||SVC Coperative Bank||Issuer|
|88||Tamilnad Mercantile Bank||Issuer|
|89||Telangana Gramin Bank||Issuer|
|90||Thane Bharat Sahakari Bank||Issuer|
|91||The Cosmos Co-Operative Bank LTD||Issuer|
|92||The Gujarat State Co-operative Bank Limited||Issuer|
|93||The Hasti Co-operative Bank Ltd||Issuer|
|94||The Kalyan Janta Sahkari Bank||Issuer|
|95||The Mahanagar Co-Op. Bank Ltd||Issuer|
|96||The Mehsana Urban Co-Operative Bank||Issuer|
|97||The Saraswat Co-Operative Bank||Issuer|
|98||The Urban Cooperative Bank Ltd Dharangaon||Issuer|
|99||The Varachha Co-op Bank Ltd.||Issuer|
|100||The Vishweshwar Sahakari Bank Ltd||Issuer|
|101||India Post Payment Bank||Issuer|
|102||Tripura Gramin Bank||Issuer|
|103||Ujjivan Small Finance Bank Limited (Web Collect)||Issuer|
|104||Uttarakhand Gramin Bank||Issuer|
|105||Vananchal Gramin Bank||Issuer|
|106||Vasai Vikas Co-op Bank Ltd||Issuer|
|107||Suco Souharda Sahakari bank||Issuer|
|108||Sarva Haryana Gramin Bank||Issuer|
|109||Deutsche Bank AG (Web Collect)||Issuer|
|110||Telangana State Co Operative Apex Bank||Issuer|
|111||The Andhra Pradesh state cooperative||Issuer|
|112||Maharashtra state co opp Bank||Issuer|
|113||Paschim Banga Gramin Bank||Issuer|
|114||Jana Small Finance Bank||Issuer|
|115||Suvarnayug Sahakari Bank Ltd||Issuer|
|116||Bhilwara Urban Co-operative Bank Ltd||Issuer|
|117||The Udaipur Mahila Urban Co-op Bank Ltd||Issuer|
|118||A. P Mahesh Bank||Issuer|
|119||Maratha Cooprative Bank Ltd||Issuer|
|120||The Vijay Co-operative Bank Ltd, Ahmedabad||Issuer|
|121||The Udaipur Mahila Samridhi Urban Co-operative Bank Ltd.||Issuer|
|122||Sarva UP Gramin Bank||Issuer|
|123||The Muslim Co-operative Bank Ltd.||Issuer|
|124||Hutatma Sahakari Bank Ltd||Issuer|
|125||Punjab Gramin Bank||Issuer|
|126||Himachal Pradesh Gramin Bank||Issuer|
|127||Ahmedabad Mercanatile Co-op Bank||Issuer|
|128||Nanital Bank Ltd||Issuer|
|129||Abhyudaya Co-op Bank||Issuer|
|130||The Ahmedabad District Coop bank||Issuer|
|131||Costal Local Area Bank Ltd||Issuer|
|132||Dakshin Bihar Gramin Bank||Issuer|
|133||Adarsh Cooperative Bank Ltd||Issuer|
|134||Suryoday Small Finance Bank Ltd||Issuer|
|135||Shree Kadi Nagarik Sahakari Bank Ltd||Issuer|
|136||J & K Grameen Bank||Issuer|
|137||The Municipal Co-op Bank||Issuer|
|138||Malad Sahakari Bank||Issuer|
|139||Baroda Central Co-operative Bank||Issuer|
|140||Fincare Small Finance Bank||Issuer|
|141||Kalupur Commercial Co-operative Bank||Issuer|
|142||NSDL Payments Bank||Issuer|
|143||Patan Nagrik Sahakari Bank Ltd||Issuer|
|144||Sarvodaya Commercial Co-operative Bank||Issuer|
|145||Sindhudurg Co-operative Bank||Issuer|
|146||Bharat Co-operative Bank||Issuer|
|147||Vikas Souharda Co-operative Bank Ltd.||Issuer|
|148||Shri Arihant Co-operative Bank Ltd.||Issuer|
|149||The Udaipur Urban Co-operative Bank ltd.||Issuer|
|150||Sandue Pattana Souharda Sahakari Bank||Issuer|
|151||Nutan Nagrik Sahakari Bank||Issuer|
|152||The SSK Co-operative Bank||Issuer|
|153||The Ahmednagar Merchants Co-operative Bank||Issuer|
|154||The Baramati Sahakari Bank Ltd.||Issuer|
|155||Shri Veershaiv Co-op Bank Ltd.||Issuer|
|156||The Sabarkantha district Central Coop Bank Ltd||Issuer|
|157||Priyadarshini Nagari Sahakari Bank Ltd. Jalna||Issuer|
|158||The Satara Distric Central Co-operative Bank Ltd.||Issuer|
|159||The Kaira District Central Co-Op. Bank Ltd.||Issuer|
|160||The Banaskantha District Central Co-Op. Bank Ltd.||Issuer|
|161||The Visakhapatnam Co-operative Bank Ltd.||Issuer|
|162||Bhagini Nivedita Sahakari Bank Ltd,Pune||Issuer|
|163||The Anand Mercantile Co-Op. Bank Ltd.||Issuer|
|164||Citizen Co-operative Bank Ltd – Noida||Issuer|
|165||Krishna Bhima Samruddhi Local Area Bank||Issuer|
|166||Chartered Sahakari Bank Niyamitha||Issuer|
|167||Sterling Urban Co-operative Bank Ltd||Issuer|
|168||Capital Small Finance Bank||Issuer|
|169||Kokan Merchantile Co-Operative Bank Ltd||Issuer|
|170||Pune Cantonment Sahakari Bank Ltd||Issuer|
|171||Rani Channamma Mahila Sahakari Bank Belagavi||Issuer|
|172||The Gadchiroli District Central Co-operative Bank||Issuer|
|173||Fingrowth Co-operative Bank Ltd||Issuer|
|174||Shri Rajkot District Co-operative Bank Ltd||Issuer|
Note: The banks with PSP will only be able to issue VPA.The banks given in the above list are the ones that are UPI enabled. The account holder of these banks can transfer funds through the UPI payments system.
List Of All UPI Apps
With more than 23 apps, UPI payment method becomes the most popular mode of money transfer now. Across the country, UPI can be accessed in 21 banks. But however, Indian Bank, Indian Overseas Bank, Corporation Bank, Punjab Bank, Syndicate and Sind Bank are yet to make a move towards facilitating the cashless India.
Here is the list of all the UPI apps that are currently available to download from the Android play store.
1. SBI Pay
This app is for the State Bank of India users, and it can be downloaded on all the Android smartphones using Android 4.2 and above version. The latest version of the app is 1.2 with a play store rating of 2.9 out of 5.
This app is for the HDFC bank account users, and it can be used on all Android smartphones using Android 6.0 and above version. The latest version of the app varies from device to device, and it has a play store rating of 4.2 out of 5.
This app is for the Axis bank account users, and the app can be used on all the Android smartphones using Android 4.1 and above version. The latest version of the app is 2.1.8, and it has a play store rating of 3.8 out of 5.
4. PNB UPI
This app is for the Punjab National Bank account users, and it supports all the Android devices using Android 4.0 and above version. The latest version of the app is 1.1.6. This app has a play store rating of 3.9 out of 5.
This app is for the Union bank account users, and it can be used on all the Android smartphones running on Android 4.0 and above version. The latest version of the app is 1.0.43, and it has a play store rating of 3.8 out of 5.
6. United UPI
This app is for the United Bank Of India account users, and it can be downloaded on all the Android smartphones and tablets using Android 4.0 and above version. The latest version of the app is 1.0.49. This app has a play store rating of 3.9 out of 5.
7. Maha UPI
This app is for the Bank Of Maharashtra account holders, and you can use it on all the Android devices using Android 4.1 and above version. The latest version of the app is 1.0.3. The Maha UPI app has a play store rating of 3.9 out of 5.
PhonePe app is launched by Flipkart, and it enables users to enjoy UPI transfers without using the Android application of any particular bank. This app can be used on all the Android smartphones. PhonePe has a play store rating of 4.3 out of 5.
This app is for the Canara bank account users, and it can be used on all the Android smartphones using Android 4.1 and above version. The latest version of the app is 1.9, and it has a play store rating of 3.8 out of 5.
10. Andhra Bank ONE
This app is for the Andhra bank account users. The app supports all the Android smartphones and tablets running on Android 4.0 and above version. The latest version of the app is 1.0. It has a play store rating of 3.7 out of 5.
11. UCO UPI
This app is for the UCO bank account users, and it can be used on all the Android smartphones using Android 3.0 and above version. The latest version of the app is 1.0.2, and it has a play store rating of 3.9 out of 5.
12. Vijaya UPI
This app is for the Vijaya bank account users, and it can be used on all the Android devices using Android 4.0 and above version. The latest version of the app is 1.0.43. The app has a play store rating of 3.9 out of 5.
13. SIB M-Pay
This app is for the South Indian bank account users, and it supports all the Android smartphones running on Android 2.3.3 and above version. The latest version of the app is 4.2.0, and it has a play store rating of 4.1 out of 5.
14. KBL SMARTz
This app is for the Karnataka bank account users, and it can be used on all the Android smartphones using Android 4.0 and above version. The latest version of the app is 1.1.1, and it has a play store rating of 4.0 out of 5.
15. OBC UPI PSP
This app is for the Oriental Bank Of Commerce account holders, and it supports all Android smartphones and tablets running on Android 4.0.3 and above version. The latest version of the app is 1.5. This app has a play store rating of 3.4 out of 5.
16. DCB Bank UPI
This app is for the DCB bank account holders, and it can be used on all the Android smartphones using Android 4.0 and above version. The latest version of the app is 1.0, and it has a play store rating of 4.2 out of 5.
17. Lotza UPI
This app is for the Federal bank account holders, and it supports all Android devices running on Android 4.0.3 and above version. The latest version of the app is 1.4. This app has a play store rating of 4.1 out of 5.
This app is for the TJSB Sahakari Bank account holders, and it can be used on all the Android smartphones using Android 4.0 and above version. The latest version of the app is 1.0, and it has a play store rating of 3.7 out of 5.
19. CSB Mobile
This app is for the Catholic Syrian Bank account holders, and it supports all Android smartphones and tablets using Android 2.2 and above version. The latest version of the app is 1.6, and it has a play store rating of 4.1 out of 5.
This app is for the ICICI bank account holders, and it can be used on all Android devices. The app version varies from phone to phone, and it has a play store rating of 4.3 out of 5.
This app is for the Allahabad bank account holders, and it supports all the Android smartphones using Android 3.0 and above version. The latest version of the app is 1.0.2, and it has a play store rating of 4.2 out of 5.
This app is for the Standard Chartered bank account users, and it can be used on all the Android smartphones running on Android 4.0 and above version. The latest version of the app is 2.6.8, and it has a play store rating of 3.8 out of 5.
The IOBUPI app is for the Indian Overseas bank account users, and it can be used on all the Android smartphones running on Android 4.1 and later version. The latest version of the app is 1.0, and it has a play store rating of 3.7 out of 5.
Which UPI app to use?
As you can see from the list given above, there are plenty of UPI apps available in the Google Play Store. For example, you can see iMobile from ICICI bank, SBI pay from SBI Bank, Pockets, PNB UPI app, BHIM app, IOBUPI, etc., in the Google play store. So, are you confused which one to download and use?
Well if you are thinking that using your existing bank’s UPI app is the only available way for transferring funds via UPI, you are wrong. You can download and use any UPI app of your choice (from the list given above) for transferring funds. Regardless of the bank, try to choose the app which has a better interface for you to work with.
Even if it is not required, most of us will prefer to use the UPI app from our existing banks. If you are one of them, don’t restrict yourself from trying other apps as well. We recommend you to use the BHIM app because of its simple and easy to use interface.