The Indian banking and financial system have evolved dramatically in the past two decades, and it will continue to evolve in the future. Earlier, you would have to visit the bank in person to fulfil every banking requirement, whether silly or significant. However, now you can bank from anywhere at any time through the bank’s website or mobile banking app. Overall, banking is simpler than ever.
Think about this: what is your primary banking requirement every day? Fund transfers would be a prompt answer. You would make fund transfers to cover your everyday expenses and financial obligations. Since fund transfers are your daily tasks, you would want it to be as simple as possible. Leading banks have curated an exclusive Pay App to simplify and secure fund transfers for you.
You can download the app free of charge from the app store on your mobile phone. To register as an app user, enter your mobile number and PAN Card number. Add a Bank Account or debit Card to the app to make transactions on the go. Here are various payment modes you can opt for with the online payment apps:
Scan the QR code
QR code stands for Quick Response Code. It is a barcode that stores information that a digital device can read. QR codes have become quite common for payments and other transactions because they are simple and time-saving. Suppose you have purchased food items for a small local vendor but do not have the change to pay her for the purchased items.
You need not scramble around to arrange for change. Log on to the online payment app and scan her QR code to pay the amount to her digitally.
Mobile number
As mentioned, banking is now simpler than ever, to the extent that you simply need to enter your beneficiary’s mobile number to transfer money to them. However, note this is only possible if the beneficiary’s mobile number is linked to an online payment app. The online payment app may not necessarily be the same as yours. It can be any payment app recognised by the Reserve Bank of India.
Double-check the beneficiary’s mobile number before hitting the ‘transfer’ button. This will ensure the transfer is made to the right beneficiary.
UPI ID
On registering as a user on a UPI App, it generates a unique UPI ID for you. You need to provide the UPI ID to anyone you would like to receive a payment or fund transfer. The same goes for you making a transfer to another beneficiary. Enter the beneficiary’s UPI ID, feed in the payment/ transaction amount, put in your transaction PIN, and hit the ‘confirm’ button to transfer.
Bank transfers
Online payment apps also allow you to make old-school bank transfers. You need to choose the beneficiary’s bank, enter their name, account number, and bank IFSC code, and hit the ‘confirm’ button. The transfer will be processed within minutes.
