Think of a situation where you are out for a dinner party with your friends and realize that you are out of cash or have lost or forgotten your wallet at home. It might be even more embarrassing and awkward if you are in the company of few unknown faces.
But now you don’t have to worry about it anymore, your own smartphone can come to your rescue. UPI (Unified Payments Interface), an instant funds transfer and sharing app is here which the experts believe, would change the landscape of online payment solution in India. It has all the functionalities of Internet banking or a debit card in a highly secured environment.
Unified Payments Interface is a payment system which enables you in transferring and receiving money around the clock without the need of providing your bank accounts details, like your bank account number and IFSC codes, and, in its place, uses a virtual ID for all of your transactions. The UPI payments architecture is built upon the IMPS payments system enabling customers in transferring funds across different banks using a single identification and password. With the help of UPI, multiple bank accounts could be linked to one single mobile banking app and funds could be received and requested via the same interface.
As of now, digibank’s UPI is the most user-friendly and secured UPI app available in the market. It allows you in managing all of your bank accounts from a single app, digibank UPI is integrated in the app itself making it a stand out feature. This UPI app is among the safest app for paying and requesting money as the account number is secure and the VPA alone is shared. Moreover, all the payments done using the digibank UPI app are authenticated, initially, through the app login and then with the help of an in-built soft token on the smartphone. For the payments which are made through a non-DBS account, a UPI PIN is also required for authorizing the transactions.
With digibank you get a no minimum balance account and no hidden charges on transactions together with a plethora of offers on every day shopping. digibank also offers best UPI interface that helps in seamlessly managing other bank accounts with just one app.
Apart from this, digibank offers host of other benefits such as:
- Making payments from any of your accounts which are added on the UPI app with the help of beneficiary’s account number & IFSC or VPA
- Making merchant payments from a DBS or a non-DBS account using the VPA of the merchant
- Requesting money using the VPA of the payer
- The customers can manage their DBS/non-DBS accounts with the digibank app ( such as checking balance and generating/ changing of UPI PIN)
- The customers can also fund their digiSavings account with the help of any of their non-DBS bank account which are linked on digibank app.
Axis Bank’s Axis Pay has one of the cleanest interfaces. The app developers have incorporated only two options on the home screen. One for requesting money and the other for sending money. Apart from that, all other options are kept in a side panel which is accessible by swiping your fingers. The app is secured with the help of a six digit password. Most of the users have had good experience as the app is fast and responsive enough in providing a seamless transaction experience. Though, the app requires more steps than other UPI apps when you want to send money. You are required to add the account as one of your contacts within the app prior to disbursing the funds. Also, placing most of the options in the side panel gives a tough time to the app user in navigation as compared to other UPI apps. You are required to swipe the side panel each time you wish to use a facility other than the request and send.
All in all, I must say I prefer digibank, not just because of the ease of use and the great features offered, I also found the experience of using their UPI payments to be more seamless and convenient.