A Current Account is a type
of bank account designed specifically for businesses, professionals, and organisations. It is primarily used for
day-to-day business transactions and helps manage the flow of funds in and out of the account.
Current Accounts are an essential tool for businesses as they offer numerous features that cater to their unique
financial needs.
Key unique features of a current account:
No transaction limits: There are no restrictions on the number of deposits and withdrawals, making
it ideal for businesses with frequent transactions.
Overdraft facility: It allows account holders to withdraw more funds than their available balance up
to a predefined limit set by the bank.
Customised services: Banks often provide customised services to Current Account holders, depending
on their business needs. These may include higher transaction limits, lower fees, priority banking services and
specialised account types such as Proprietorship Current Accounts for sole proprietors.
Defining GPay and UPI
GPay, or Google Pay, is a popular digital wallet platform and online payment system that facilitates contactless
payments, bill payments and peer-to-peer transactions. It functions using the Unified Payments Interface (UPI), an
instant real-time interbank transaction system developed by the National Payments Corporation of India.
UPI enables
multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and
merchant payments into one platform. It also caters to the "Peer to Peer" collection request, which can be scheduled
and paid as per requirement and convenience.
Linking Current Accounts to GPay
To link your account to GPay, you must ensure that your bank supports UPI-based transactions. While most banks offer
this feature, confirming this with your specific bank is essential.
Axis Bank, for example, provides an easy and secure way to link your current account to GPay. By linking your current account to GPay through the UPI platform, you can enjoy a
seamless and convenient way of making transactions without needing a debit card.
Advantages of linking your Current Account to GPay
Linking your Current Account to GPay offers several benefits, including:
Contactless payments: GPay allows you to make secure contactless payments, reducing the need
for physical cash or cards.
Quick and easy transactions: The UPI platform enables instant transactions, making it easier for
businesses to manage their finances efficiently.
No need for Debit Cards: When your current account is linked to GPay, you no longer need a debit
card for transactions, which reduces the risk of theft or loss.
Increased security: GPay employs advanced security measures to protect your transactions, ensuring
the safety of your funds.
Better expense tracking: With all transactions recorded in GPay, it's easier to keep track of your
business expenses and manage your finances.
Steps to link Current Account to GPay
Here's a step-by-step guide to linking your Axis Bank Current Account to GPay:
1. Download the GPay app on your smartphone.
2. Sign in with your Google account.
3. Click on "Add bank account" on the GPay app.
4. Select Axis Bank from the list of available banks.
5. Your registered mobile number will be verified through an SMS.
6. Once verified, your Axis Bank current account will be linked to GPay, and you can start making transactions.
By linking your Axis Bank Current Account to GPay, you can easily enjoy the convenience and security of making
contactless payments, peer-to-peer transactions and bill payments.
Integrating GPay with your Current Account simplifies your banking experience, ensuring your business transactions
run smoothly and efficiently.
Also Read: [How
to choose the best current account for your needs?]
Summing Up
Whether you have a regular current account or a specialised Proprietorship Current Account, integrating GPay can simplify your banking experience and
help you manage your business transactions effectively.
If you haven't yet linked your account to GPay, now is the time to explore this convenient and secure option for your
business.
Disclaimer: This article is for information purpose only. The views expressed in this article
are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd.
and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader
for taking any financial decisions based on the contents and information. Please consult your financial advisor
before making any financial decision
