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UPI 2.0

Posted on September 5, 2019 | by dpgadmin | Leave a Comment

When it comes to online payments, UPI plays a vital role as it has become the most convenient mode of payment and is adopted by the majority of the businesses. Post demonetization, UPI based payments have been soared in India. According to the report of Inc 42, UPI has seen a massive payment processing hike of about 245 million in the span of 2 years.

UPI has also seen a growth of 78% in the number of banks integrating with it. UPI became the most popular and the most preferred mode of payment because of the following reasons:

Money can be transferred 24/7.
The UPI id acts as an email address for your money which can be shared to receive a payment instead of bank details.
Increase in security.

NPCI is the organization that handles all the retail payments in a country. UPI is managed by NPCI. An updated version of UPI which is UPI 2.0 was launched by NPCI in August 2018 with the following new features:

Link Overdraft Account: With the existing support for linking savings and current account, now you can link your overdraft account to UPI. Customers can make transactions easily and can avail of all the benefits of an overdraft account. UPI 2.0 has become an additional digital channel for accessing your overdraft account.
One-Time Mandate: UPI mandate can be used in the scenario where money can be transferred later with the commitment at present. Onetime block functionality for transactions is used for creating UPI mandates. Customers can authorize the transaction earlier and can make the payment later. It works for both customers as well as for merchants. Mandates can be created and executed instantly. On the date of the actual purchase, the amount will be automatically deducted and received by the merchant/individual user.
Invoice in the box: This feature is designed so that customers can check the invoice before making the payment. It will help the customers to view and verify the credentials and also check if it has come from the right merchant. Customers can pay once they have finished validating the details.
Signed Intent/QR code: This feature allows the customers to check the authenticity of the merchant by scanning the QR code. It notifies the customer with the information about the merchant stating whether he is a verified UPI merchant or not. Customers will be notified in case the merchant is not verified UPI merchant.

With its new features on offer, UPI 2.0 has a lot on offer. From a consumers point, UPI can be used to book taxi, pay for the medicines at pharmacy, pay for groceries or pay for investment an lot more. With the increased popularity of UPI will reduce the market for wallet.

Digital Payment Guru provides payment gateway integration service of top payment gateways like PayPal, Paytm, PayU, Instamojo & Atom at best market rates. If you are confused about which payment gateway to choose from, we can help you choose the best payment gateway for your business by analyzing your business requirements.

WhatsApp Pay Steps Foot in the World of Payment Gateway Integration

Posted on May 15, 2019 | by puja | Leave a Comment

Brace yourselves for a digital revolution that is promised to change the face of digital payments as of today. With the perfect combination of speed and convenience, WhatsApp Pay is set to venture into the world of Payment Gateway Integration on its app by July of this year. Imagine how convenient it will be to send and receive money while chatting with your friends. By doing so, WhatsApp has cut down on various mediums and has integrated everything in one place.

What is UPI and how does it facilitate WhatsApp Pay?

Unified Payment Interface or UPI is an online payment system that runs in real time. It allows peer-to-peer bank transfers through a mobile platform. WhatsApp Pay is an additional in-built feature rolled out by WhatsApp that is facilitated by the Indian government’s secure UPI payments system. It allows the transfer of funds directly between the bank accounts of its users within the app itself. All the transactions take place in real time and reflect in the bank account instantly.

How WhatsApp achieved this?

With 1.5 billion active monthly users across 180 countries in 2017, WhatsApp stands strong as the most popular messaging app today and has an ever-growing market. In 2018, WhatsApp sent out a request to the Reserve Bank of India (RBI) for an approval to provide online payment options to the users in India. It is working closely with many banks across the country including HDFC Bank, Axis Bank and SBI to offer quick and easy payment solutions with just a click. WhatsApp then rolled out WhatsApp Pay as a trial for around 10 lakh users all over India.

What are the perks of using WhatsApp Pay?

Say goodbye to shuffling between apps to transfer funds to your friends! With WhatsApp Pay, you can easily send or receive money from anyone in your contact list. Payments will be a breeze when you use this UPI-based feature. Once the transfer is completed, both the sender and receiver will get a payment notification in their chat window as a confirmation. The transactions are directly linked to your bank account that makes it easy to keep a track on your funds.

How is WhatsApp Pay beneficial to WhatsApp?

With an already wide user base, WhatsApp has a huge market ready for the launch of its payment feature. Since it does not require the user to put in cash into the WhatsApp account or complete the tedious process of feeding in the KYC details, users are bound to prefer WhatsApp payment as a resort to their digital payments options. Integrating a payment gateway into WhatsApp is sure to become one of the smartest decisions taken by Facebook.

Related Post: How does Payment Gateway charge?

How to activate WhatsApp Payment?

To successfully transfer funds, users need to follow these simple steps:

Use a phone number that has a country code for India. This number should be the registered with the UPI-supported bank account you intend to use.
Go to the ‘Settings’ drop-down and search for the ‘Payments’ tab within the app.
Users will next be asked to add a bank account. Select the bank through which you wish to make the transaction from the given list.
Next, you will be asked to accept the terms and privacy policy of WhatsApp Payments. Ensure that you go through them before you hit accept.
You will receive a text message that will verify your mobile number. Wait for a few seconds and you will see a list of all the bank accounts registered with the phone number you entered. Select any one from the options to continue.
You then need to verify the debit card details that are linked with your bank account.
Enter the one-time password sent to your mobile number and set up a six-digit UPI PIN.

If you cannot find the ‘Payments’ option from the ‘Settings’ drop-down, all you need to do is find someone who has activated the WhatsApp payments feature and ask them to send you funds.

How to start sending funds through WhatsApp Pay?

After setting up your details, you are now ready to send and receive payments through WhatsApp Pay. Follow these steps to send funds to anyone from your contact list:

Open a chat with the person you intend to pay to and tap on the ‘Attachment’ option on the text bar.
Enter the amount you wish to transfer. You can send money ranging between INR 1 to INR 5000.
Enter the six-digit UPI PIN that you had set up earlier.
After processing your payment, the money will be sent to the contact.
Once you see two ticks, be assured that your money has successfully been transferred.

You will see a similar notification when you receive online payments through WhatsApp Pay. Keep a record of the online payments by going to Settings à Payments à Viewing History.

WhatsApp is about to bring a revolutionary change to the digital payments space. This will give a tough time to other competitors like Google Pay and Paytm. The beta version alone has received such positive feedbacks in India that the world is ready to welcome WhatsApp as a mode of digital payment. This will cut out the need for third-party apps and offer an easier, better online payment experience. So go on and set up your WhatsApp Pay account now and experience an enhanced method of digital payment.

WHAT? HOW? & WHY? about UPI- Unified Payment Interface

Posted on May 9, 2019 | by puja | Leave a Comment

BHIM- Bharat Interface for Money was the first application which was built on the framework of UPI. This application was launched on 30th December 2016 which was a revolution and lightened the concept of UPI in India. BHIM application was developed by NPCI-National Payment Corporation of India. UPI is a creation of NPCI & RBI and is an initiative by P.M Narendra Modi.

What is UPI?

Unified Payment Interface (UPI) is a single platform which provides different banking services and features. If your bank is UPI enabled, you can create a UPI ID which can be used for making transactions. A transaction can be made using Aadhaar number, Mobile number, and Virtual Payment Address (UPI ID). UPI allows the user to transfer and receive money from one bank account to another by using a smartphone. It enables the transfer directly from a bank account to the merchant and also handles the basic banking activities. UPI is a revolution which can be an alternative for e-wallets, in other words, UPI is the best thing in the online money market.

How to Use UPI?

For using UPI service in your mobile phone you just need to setup UPI ID which is linked with your bank account. There are many mobile applications that provide UPI facility, UPI ID can be set up from these applications. UPI ID’s have the same format for all the UPI enabled applications. The format is “XXXXXXXXXX@upi”, wherein XXXXXXXXX is number followed by @ and then followed by the application from which you’ve built UPI ID. So if you build a UPI ID from Paytm it will be, “XXXXXXXXXXX@paytm”. It is also possible to create your own unique UPI ID.

Once you’re done with creating UPI ID the further procedure remains the same for all the mobile applications which are providing your mobile number. After providing your number an SMS is sent for fetching your bank account details. Make sure the mobile number you enter is linked with the bank account for which you seek UPI service.

Your UPI enabled bank account will be displayed on the screen, just confirm the band details and then you can set up a 4-digit PIN, this pin will remain the same for your bank account across all the UPI enabled applications.

UPI enabled Banks:

UPI is the most convenient feature, many banks India has integrated UPI payments facility into their platform. UPI facility is available through its own app. It can be implemented into their own banking app or a separate app.

There are many UPI enabled apps, the ones listed below are the most popular,

State Bank of India- SBI Pay
Kotak Mahindra Bank- KOTAK Pay
Syndicate Bank- Synd UPI
Punjab National Bank- BHIM PNB
Bank of Baroda- Baroda PAY
Axis Bank- Axis Pay
Indian Overseas Bank- IOB UPI

Why UPI?

\When there are so many e-wallets, payment gateway and online payment options available, why is the need for UPI then? Well, UPI is unlike all of these options, this initiative by NPCI eliminates the need for e-wallets and entering the credit/debit card details and remembering the passwords. UPI contradicts the current procedures of e-wallets and Net banking which are prone to hacking and malfunctioning, UPI is more secure. UPI is a great alternate for e-wallet for following reasons,

Easy Usability: Unlike e-wallet which involves several steps for money transfer, from adding the money from bank account to wallet and then paying the beneficiary from wallet, it is a lengthy process, UPI is directly linked to the bank account and thus the payment is done directly from the bank account which eliminates the hassle of adding the money to wallet and then making payment giving the payer complete ease of payment.
Increased Adoption: Many e-wallet apps have already started adopting UPI service into the application. Paytm has implemented the UPI service into their application. UPI is very much useful in transferring the funds, It can be used to pay the drivers salary or can be used to pay for goods or services. UPI platform lightened up after the launch of BHIM app and later on apps like Google Tez increased the value of UPI in the online finance market.
No KYC: E-wallet has this requirement called Know Your Customer(KYC) after the introduction of which e-wallets have faced a fall in payments. Whereas for UPI, KYC is not required and thus is preferred by many customers.
Intercompatibility: In e-wallets, KYC is the lengthy process because of which e-wallets have faced fall in the volume of payments, but even after completing the KYC you cannot transfer the money from one wallet to another.

UPI has become a central point in the process of cashless India Initiative. UPI will transform the economy into stronger, independent and purer.

Digital Payment Guru provides the merchant a facility in one of the payment option wherein buyer can pay a merchant with UPI with lower transaction rates.