How to Make Payments with UPI – Unified Payments Interface

How to make UPI Payments
(Last Updated On: June 10, 2021)

Did you know you could let your users buy through UPI on Instamojo?

Unified Payment Interface is all the rage now. It has crossed over 1 billion transactions in November 2019 and plans to expand to global markets by 2020. For those who do not know what UPI is and how it works, this article will help you understand everything there is to know.

What is UPI?

Unified Payment Interface (UPI) is a way to pay anyone securely and in real-time from your bank account. The best part about this payment mode is that you don’t need to share account numbers and other details. The identification in UPI works using a VPA (virtual payment address). 

A VPA looks like this: name@bank.  Here, the name is something that you select based on availability, and the bank is the name of your bank/app

How can I get a VPA?

Download the UPI app from your bank. In fact, you can download any bank’s UPI app, it need not be your own bank. Your bank has to support such payments. Currently, 29 banks are a part of this payment mode, including major ones like ICICI Bank, Axis Bank and, Yes Bank. 

A VPA looks like imojo@icici. You can check for availability and create one. This VPA links to your bank account.  

UPI is interoperable. For example, you can have your Axis Bank account linked to @icici, or the other way. 

While registering, you have to set an MPIN which is like a password to authenticate the payment. This adds a 2nd factor of authentication to make the transaction secure. Keep the app installed on your phone. You will need it every time you want to make a UPI transaction.

How can I pay using UPI online?

When you initiate a transaction, you will find an option to pay along with other options like credit/debit cards, and net banking. Here you have to select UPI and enter your VPA on the next screen. 

Once you initiate it, you will receive a notification from the app. This will be like “imojo@icici is requesting you to pay Rs. XX”.

Clicking on the notification will open the app. Here you can authorize the payment by entering your MPIN.

vpa instamojo

That’s it! This is how convenient it is to pay using United Payments Interface.

If you are a merchant, Instamojo lets you collect payments using the United Payments Interface mode. You can Sign up and opt-in now.

Sign Up to Get UPI Payments