The Unified Payments Interface, what we popularly call as UPI, put India at the forefront in payment systems. Many countries actively started studying UPI with an aim to implement the same system in their respective countries. The government has revised the UPI limits for Current Accounts multiple times in line with the requirements of users. But does UPI for Current Account work? Do businesses use UPI for Current Accounts? If yes, then how? Let’s understand UPI on Current Account in detail.
What is UPI?
UPI is one of the most popular mobile payment methods that allows instant transfer of funds from one account to another without any charges. Payment transactions witnessed significant transformation since the launch of UPI services.
To transfer money through UPI, you need to create a unique ID, known as a UPI ID. It is a unique identification for a bank account that can be used to send and receive funds. You can directly transfer money using the mobile number of the receiver or use scan and pay. The QR code is linked to the recipient’s bank account or wallet, where the money gets deposited.
Necessity for businesses with a Current Account to consider UPI payments
UPI is one of the most adapted payment methods among Indians. It is actively replacing cash and becoming a dominant payment method. For businesses, it has become more of a necessity than a choice to receive money in Current Account using UPI.
Most people nowadays use UPI for their everyday transactions as well. As a business owner, you may be at a disadvantage if you don’t provide UPI payment facility to your customers. Moreover, you will also not be able to reap the advantages of UPI for Current Account.
Basic requirements: UPI registration for Current Account
Let’s understand how to create UPI ID for Current Account. To register UPI in Current Accounts, you need to select the service provider. You can use Axis Bank's UPI app if you are an Axis Bank customer. You should have a valid and operative Current Account to link it with the UPI application and ensure that the mobile number linked with your bank account is active. After completing the registration process, your Current Account will be linked with the UPI ID.
Steps to generate UPI for Current Account
Here are the detailed steps to generate UPI for Current Account using the BHIM Axis Pay UPI app:
1. Download the BHIM Axis Pay UPI app from the Google Play Store or Apple App Store.
2. Select the mobile number linked with your Current Account to verify the same.
3. Select your bank and type of bank account (Current Account in this case).
4. Set a Virtual Payment Address (VPA or UPI ID for Current Account) as per your preference for the relevant bank account.
5. Set UPI PIN for the account using the Debit Card details and OTP. Save this PIN as it will be used for all UPI transactions.
6. Send and receive instant payments securely using UPI for corporate Current Account.
Link your Current Account to UPI and avail the benefits of UPI for Current Account. You can make transactions such as paying bills from and receiving money on your Current Account using UPI.
Also Read: Top factors to note while choosing a Current Account
In a nutshell
UPI has made payments simpler than ever. If you have a Current Account, you can seamlessly start accepting and sending payments online in just a few clicks. If you are a businessperson having a Current Account, enabling UPI for Business Current Account will allow your customers to make seamless UPI payments.
You can use the BHIM Axis Pay UPI app to create a UPI ID for Current Account. With a seamless and easy-to-use user interface, you can accept and make payments instantly. As all transactions are secured with two-factor authentication, it ensures the highest level of security in UPI for Current Accounts. If you haven’t linked your Current Account with UPI yet, go ahead with the BHIM Axis Pay UPI app for Current Account.
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.
