Airtel Payments Bank gets UPI-integration: All you need to know!
India's largest telco Bharti Airtel, which forayed into banking to launch Airtel Payments Bank earlier, recently integrated Unified Payment Interface (UPI) on its payments bank platform. It is the first Indian payments bank to offer UPI services. Users can now create a personalized UPI virtual ID on the platform which has over 25-million customers and one-million merchants. Read more!
What is UPI?
Unified Payment Interface (UPI) is a digital payment system that allows people to send and receive money through mobile phones. It's one of the most ambitious projects of National Payment Corporation of India (NPCI) and aims to bring a significant change in the way mobile banking transactions are done. UPI has seen tremendous growth since its inception late last year.
UPI handles, for online and offline channels
After launching the Payments Bank, Bharti Airtel integrated the payments bank services into its "My Airtel App". The UPI service being offered by the payments bank allows users to create their own UPI handles, which can be used for both online and offline channels.
Users can create multiple virtual IDs
On the Airtel Payments Bank UPI platform, customers need to link their bank accounts to create their virtual UPI address or VPA (Virtual Payment Address) handles. If a user has accounts with multiple banks, the payment bank allows them to create many VPAs. Whenever the customer transacts using a particular VPA, money will be debited from the linked bank account.
How to create your UPI handle?
After logging into "My Airtel App", customers can head over to Payments Bank tab on the app and find the UPI option. They will be asked to create a UPI handle and link their bank account. Airtel suggests users create the same using their own mobile number. The app can automatically fetch the bank accounts linked with your Airtel Payments Bank mobile number.
Can also be used on other UPI apps
Users only need to provide UPI ID for transactions
UPI is a huge step towards Digital India and the government's efforts to become a cashless country. UPI eliminates the need for user details like bank accounts, IFSC code etc. for transactions. With Airtel Payments Bank UPI, users can make transactions quickly and easily. They only have to provide their UPI ID for instant, secure, and 24x7 transactions.
Features of UPI
Bank customers are identified with virtual addresses on UPI that can be shared with others for the purpose of facilitating transactions. Utility bills, over-the-counter payments, COD transactions etc. can also be made through UPI. 24x7 inter-bank electronic fund transfers across the country will be possible with UPI. This mobile payment mechanism also provides round-the-clock availability and faster checkouts.