The NPCI created the Unified Payments Interface or UPI for public use in 2016. It is India’s home-developed instant payment system. UPI payments make it possible to conduct P2P and P2M transactions between banks seamlessly. Consumers can retrieve and deposit all of their accounts held with various banks here and conduct their business using these accounts.
It allows for the immediate transfer of money across two bank accounts using mobile devices. Your mobile number on the device in question must be documented with the bank. The recipient's UPI ID can be utilised for the transfer of funds. The Reserve Bank of India has been overseeing its operation ever since banks began releasing UPI-compatible applications on the market.
In terms of the number of users who have adopted it, the number of transactions it processes, and the sheer quantity of transactions, UPI is regarded to be among the most successful modes of payment in the world. This is because-
UPI permits real-time transfer of funds between bank accounts. This has reduced the need for more time-consuming conventional techniques like NEFT or IMPS.
UPI is straightforward to use and accessible to everyone with diverse degrees of computer literacy thanks to its user-friendly design. On their cell phones, users can conduct payments with just a couple of taps.
UPI rewards like cashbacks, discounts and coupons etc offered by the different apps or even banks are a primary reason for its popularity.
UPI is compatible with several banks and financial organisations. Users may streamline their transactions by linking several bank accounts to a common UPI app, eliminating the need for separate applications for every bank.
UPI is accessible round-the-clock, even on vacation days and weekends, allowing users to send and receive money whenever it's convenient without being constrained by banking hours.
The Regulatory Authority on 4 September 2023 announced an extension of the UPI's capabilities by allowing pre-sanctioned credit lines from Scheduled Commercial Banks to be used as funding accounts for transactions conducted through the UPI system.
This means individuals can now make payments via the UPI System using a pre-approved credit line from a Scheduled Commercial Bank with prior consent.
In conclusion, UPI has revolutionized digital payments in India, offering a seamless and convenient way for users to transact. The integration of cashback rewards has further incentivized the adoption of UPI, making it a popular choice for consumers. UPI's growth and attractive cashback offers continue to shape the country's journey towards a more inclusive and cashless economy. But although UPI has become commonplace in India and cashback and rewards have become very popular, they still prevail only with cards.
Fi Money offers a Federal Bank savings account . You can easily sign-up for free & open a savings account online in 3 minutes. You can also use this savings account to safely stash your savings in deposits, earn additional interest, send/receive payments instantly, analyse expenses, or budget smarter. If you upgrade to other account plans within Fi — you get access to premium features like zero forex (on select plans), US Stocks, Mutual Funds, etc. & up to 3% back as rewards for all payments!
UPI payments with cashback rewards are promotional offers where users receive cashback on their UPI transactions. Users make payments for purchases, bill payments, or money transfers, and a percentage or fixed amount of the transaction value is credited back to their account as cashback.
Cashback rewards for UPI transactions vary based on promotions by banks, payment apps, or merchants. They can be percentage-based, fixed, cumulative, or for specific categories. The earning limit depends on the offer's duration, eligibility, and terms set by the service provider.
Cashback rewards from UPI transactions can be redeemed in various ways, depending on the program. Options include direct cash redemption, bank transfers, bill payments, gift vouchers, shopping discounts, wallet balances, or reward points.
Products on our platform | Details |
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Unified Payments Interface (UPI) | Epifi Technologies Pvt. Ltd ('Epifi Tech') is a Third-Party App Provider ('TPAP') - and acts as a service provider and participates in UPI through a Payment Service Provider ('PSP') Bank (Federal Bank). |
Savings Account and Deposits | Federal Bank offers savings account, fixed deposits and smart deposits to users on the Fi App (through Epifi Tech). Users' savings account and deposits are securely opened with Federal Bank. |
Cards | Fi Brand Pvt. Ltd. markets and distributes co-branded cards in partnership with Federal Bank and Visa. Cards are issued by Federal Bank. |
Loans | Epifi Tech facilitates loan distribution and acts as a lending service provider and/or digital lending application for various Banks, registered NBFCs and NBFC-P2P ('Lenders') List of Lenders. |
Mutual Funds | Epifi Wealth Pvt. Ltd. ('Epifi Wealth') is a registered investment adviser and provides a platform for mutual funds investment. Epifi Wealth has partnered with MFCentral to provide mutual funds analyser to users. |
Loans Against Mutual Funds | Epifi Tech in partnership with regulated entities including Epifi Wealth and Bajaj Finserv provides a platform for loans against mutual funds. |
US Stocks | Epifi Tech has partnered with US stock broker Alpaca Securities LLC to provide users the option to invest in US stocks. |
Connected Accounts | Epifi Wealth (as a financial information user), in partnership with Finvu and Onemoney, provides users the option to link their existing financial accounts on Fi. |
Credit Analyser | Epifi Tech (as a non-specified user) in partnership with Experian and CIBIL provides insights on users' credit scores |
Fi-Coins | Fi-Coins are earned under a reward programme for engaging with products and services on the Fi App. |
Fi Store | Fi-Coins can be redeemed on products and services listed on Fi Store such as merchandise, gift cards, air miles, among other things. |
1. Net Worth: Helps users get a view of their financial Net Worth — in accordance with their assets & liabilities
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Fi is a money management platform that offers the perfect solution for all your financial needs. The Federal Bank Savings Account offered through Fi is an online savings account that you can open in 3 minutes! It goes beyond online account opening, as it has helped reimagine the banking experience in India
Through Fi, you can do more: apply for an instant personal loan, pick from many types of Mutual Funds, select the best SIP to invest in US Stocks, apply for a forex-free Debit Card (works for select account plans) to use while travelling abroad, analyse/improve their portfolio, get a 360-degree view of your spend insights and take steps building wealth.
You can also utilise Fi's free personal loan resources, such as the Personal Loan and EMI calculator, before proceeding to the quick loan application process. All of this is why over 35 lakh Indians feel that Fi is the only financial app you will ever need.