Know How Current Account Holders Use UPI

Unified Payments Interface (UPI) has revolutionized online payments in the country. Apart from individuals, retailers, merchants, and businesses with a Current Account can also register for UPI to send and receive online payments. Let’s take a look at the business benefits of UPI and steps for Current Account UPI generation.

Launched in April 2016, UPI is a real-time payments platform developed by the NPCI (National Payments Corporation of India). It can be used on smartphones for transferring funds between bank accounts. In addition, you can use UPI for P2P (Peer-to-Peer) and P2M (Peer-to-Merchant) transactions.

AU Small Finance Bank also offers UPI features to AU Current Account holders on both the AU 0101 App as well as the BHIM AU App to ensure the transfer of funds, daily transactions, and much more.

Some of the top reasons why businesses should generate a UPI ID for Current Account are as follows-

• Fulfil Customer Expectations

UPI is already very popular in the country. Customers now expect the businesses they deal with to offer this convenient mode of payment. So, whether you’re an offline merchant or run an online store, accepting payments through UPI will enable you to keep up with customer expectations.

• Zero Transaction Fee with Instant Confirmation

Collecting payments through UPI does not involve any transaction fee, making it a cost-effective alternative to other payment methods. Moreover, retailers and merchants receive instant payment confirmation through SMS to make the billing process smoother and faster. 

• Payment Collection Made Simpler

The UPI platform offers several features, including UPI Collect, UPI Intent, QR Codes, and more, to make payment collection hassle-free and quick. Moreover, it has also eliminated the interoperability issues that were common with wallet-based payments.

The UPI platform doesn’t distinguish between Savings and Current Accounts. So, whether you have a Savings or Current Account, you can generate the UPI ID by following the same steps. Take a look-

• Download the BHIM UPI App on your smartphone
• Open the app and select ‘New User Registration’
• Enter your mobile number to generate OTP
• Enter the OTP received on your mobile number
• Enter the required details
• Create a 6-digit login password
• You can now log in to the UPI account

After logging in, you can generate a UPI ID for your Current Account by following these steps-

• Select the ‘Add Bank Account’ option
• Choose your bank from the available list of banks
• Enter Current Account details
• Enter a 6-digit UPI PIN to create your virtual address
• An OTP will be sent to your registered mobile number
• Enter the OTP and you’re all set to receive and send payments to and from your UPI ID linked to your Current Account

A common query among Current Account holders is regarding the daily Current Account UPI transaction limit. The limit can vary between banks and even the UPI app you’re using for payments. More importantly, a few banks restrict Current Account holders from registering on UPI.

So, the best solution is to register your UPI ID through the Mobile App of the bank in which you hold your Current Account. It’ll make the registration more convenient, and you can also easily find out the Current Account UPI limit through the Business App.

• With millions of transactions worth billions of rupees being processed every month, it is not difficult to see how immensely popular UPI has become in India.

• And not just individuals but even merchants and retailers with Current Accounts can register for UPI to start experiencing the extensive benefits of this revolutionary payment platform.

• If you’re looking for a feature-packed and UPI-ready Current Account, AU Small Finance Bank can be an excellent choice.

• The leading Small Finance Bank offers a range of Current Accounts with the flexibility to open Current Account online, allowing customers to conveniently apply for the account from the comforts of their homes.