Advertisements

UPI Payments: Why You Should Check Them Out


wealthymatters

Yours truly loves a great deal. And there was a time when I cherry-picked between various banks for top quality services. So, it was credit-cards from some banks, high interest rate FDs from others, some others to hold and manage cash, a fourth to buy bonds,etc. etc. And all this was obviously not just a one-sided deal, as all these banks were happy to upgrade my account and chase me with better offers in their respective areas of strength.

Unfortunately, a couple of years back, service standards started falling and after demonetization, retail banking relationships really nose-dived. A whole lot of banks no longer felt it necessary to serve customers to make a profit but felt they could corral depositor’s money in accounts and discourage withdrawals by means of fees, limits on cash disbursed at ATMs, limits on number of free withdrawals, permanently out-of-order ATMs, increased average quarterly balances etc. Read more of this post

Advertisements

Axis Pay


wealthymatters

Like PayPal and similar payment systems that you can operate without giving out or asking for other people’s bank or credit card details? A PayPal-like service with no fees? A PayPal-like service that allows instant money transfers and receipts ?

Now you have Axis Pay.Axis Pay is an easy to use app which you can link to any bank account, even those not with Axis Bank, to send or receive payments to anybody instantly and securely, with just your name. And all for free !!!!

Axis pay is powered by the UPI. UPI stands for Unified Payments Interface which is a platform provided by the NPCI ,i.e. National Payments Corporation of India, to facilitate inter-operability among various banks. It’s a one stop solution for multiple bank accounts ,in various banks, accessible via one app. It allows all account holders to send and receive money using their smartphones with a single identifier called virtual payments address(VPA) .VPA is a unique ID which a person must create and link to any of their bank accounts to make secure payments. This unique ID can be yourname@axisbank or mobilenumber@axisbank etc which is easy to remember. Each VPA is unique to a particular user. So there is no need to know the payee’s or payer’s IFSC code, bank account details, etc. and this makes the process less taxing on the a person’s memory. Read more of this post

%d bloggers like this: