Unified Payments Interface (UPI) is a NPCI initiated mobile banking application to provide access to multiple bank accounts, seamless fund transfer and merchant payment solution using Virtual Payment Address (VPA) or IFSC code + Account or Mobile No + MMID or Aadhaar based.
How UPI works:
Download the BHIM DENA UPI App from Google play store
Select your Bank Account details one by one - You can add up to 6 Bank accounts.
Create a unique ID – Virtual Payment Address (Example – yourname@denabank)
Verify your account using Debit Card details and generate a UPI PIN i.e. UPIN
What is Virtual Private Address:-
It is a unique ID that you create to link any of your bank accounts to make secure payment. The VPA can be yourname/mobileno@denabank which is easy to remember. As and when you require transact/receive, you need to quote your VPA only.
It is unique to each user and each account.
SO GRAB YOUR VIRTUAL PAYMENT ADDRESS IMMEDIATELY!!!!
BEFORE SOMEONE ELSE TAKE IT
How secure is UPI:
All transactions on UPI are authenticated by 2 factor authentication. Debit transaction can only be initiated through your VPA on your device and it requires an UPIN to authenticate the transaction. User only shares his VPA only instead of sensitive information like account number, IFSC etc.
Charges on UPI transactions:
Please Check out the Service Charges section to find latest Service Charges applicable.
How is UPI different from Mobile Wallets?
There is no concept of loading money in UPI. It’s a direct account to account transfer using VPA. There are NO transaction charges through BHIM DENA UPI whereas wallets usually charge anything between 1 to 4% for transferring the fund from Wallet to Bank account. With UPI, money resides in Bank account only hence there is no requirement of loading money and transferring it from the wallet.
In UPI daily transaction limit is Rs. 1.0 Lakh whereas in wallet it is Rs. 10,000/-.
• Account Management – you can add your multiple bank accounts in a single app
• Beneficiary management – manage beneficiary using Aadhaar, VPA, MMID and IFSC & Account No.
• Pay and Collect request
• Balance Inquiry
• Instant fund transfer
• Incident/Dispute can be raised in the App
• Instant UPIN generation/reset and account activation
• Pending Approval for collect request
• Works on single click 2 factor authentication
• The maximum limit per bank/Mobile is Rs. 1.0 Lakh per day.
• Maximum no of transactions allowed in a day are 20.
Benefits of the UPI:
UPI is built on top of the IMPS, immediate, 24x7, through the year, unlike NEFT or RTGS
UPI allows you to pay/receive directly from/to your Bank Account without revealing your Account details& IFSC.
UPI can also be used for online shopping; recharges- enter your UPI VPA and get an alert on your mobile device to authenticate the transaction using UPIN.
UPI can be accessed presently on Android OS based Mobiles only.
For Assistance, please contact