Gone are the days of carrying wads of cash or struggling with lengthy bank transfers. The Unified Payments Interface (UPI) has emerged as the go-to solution for managing finances in India. Launched in 2016, this innovative system empowers users to make instant and secure money transfers directly through a smartphone app.
Prior to UPI, digital payments often involved complex procedures, requiring account details and lengthy confirmations. UPI streamlines this process by utilising a Virtual Payment Address (VPA), a unique identifier similar to an email address that replaces the need for traditional bank account information. Additionally, transactions are secured by a user-generated PIN, ensuring the safety of funds.
Benefits of using UPI for transactions
UPI (Unified Payments Interface) offers a convenient and secure way to manage your money in India. Here is why you should consider using UPI:
- Instant transfers: Money reaches the recipient immediately, no waiting for bank holidays.
- Always accessible: Make payments anytime, anywhere using your smartphone.
- Secure transactions: VPAs and PINs ensure safe money transfers.
- Works across banks: Send and receive money between different bank accounts.
- Cost-effective: Most UPI transactions are free of charge.
- Simple to use: User-friendly interface makes UPI payments quick and easy.
With numerous UPI apps available, selecting the right one can be overwhelming. The Bajaj Finserv UPI app offers a secure and convenient platform for all your digital payment needs.
Bajaj Pay UPI allows you to create a unique UPI ID, send and receive money instantly, and pay bills directly from your smartphone. Download the Bajaj Finserv app and experience the ease of UPI payments!
How to link your bank account with Bajaj Pay UPI?
To link a bank account with Bajaj Pay UPI, you need to follow these simple steps:
- Download the Bajaj Finserv app from the Google Play Store or App Store
- Go to Bajaj Pay on the home screen and create your UPI ID by entering your mobile number registered with the bank account
- Bajaj Pay UPI will send an SMS to verify your mobile number. Once your mobile number is verified, it will ask you to link your bank account
- Select the bank from the list of banks available. Bajaj Pay UPI will automatically fetch your account details and show the account linked to your mobile number
- Set a UPI PIN. UPI PIN is a four-digit code, which is used to authorise every transaction made through UPI
Your bank account is now linked to your Bajaj Pay UPI. You can start making transactions.
How to perform a UPI transaction on the Bajaj Pay UPI app
Here is how to perform a UPI transaction using Bajaj Finserv:
- Open the Bajaj Finserv app: Launch the app on your smartphone
- Locate Bajaj Pay: Navigate to the ‘BAJAJ PAY’ section within the app
- Select ‘SEND’ or ‘PAY’: You will likely find options like ‘SEND’ or ‘PAY.’ Choose the appropriate option depending on whether you are sending money to a person or a merchant
- Enter recipient details: There are three ways to specify the recipient:
- UPI ID: Enter the recipient's unique UPI ID if you know it.
- Phone number and bank account: If you do not have the UPI ID, enter the recipient's phone number linked to their bank account (if available). The app might try to fetch their details automatically.
- QR code: If the merchant provides a QR code for UPI payment, scan the code using your phone's camera within the Bajaj Finserv app.
- Enter amount: Enter the amount that you want to send or pay
- Add message: You can include a brief message for the recipient (if applicable)
- Enter UPI PIN: For security, enter your UPI PIN that you created during registration
- Confirm transaction: Review the details and confirm the transaction
The app will display a confirmation message once the transaction is successful.
Conclusion
In essence, UPI empowers you to manage your finances effortlessly. With its secure and instant transfers, it is no wonder UPI has become India's digital payment champion. Consider Bajaj Pay UPI, seamlessly integrated within the Bajaj Finserv app, for a smooth and user-friendly experience. Download the app, create your UPI ID, and experience the future of digital payments!
