GUIDESMONEY MATTERS
GUIDES
Gone are the days where you have to stand in long queues for all the banking needs.
Just a few clicks, and you can send and receive money from anywhere at anytime. With UPI coming to life, payments are so easy to make. Almost every store in the country has now got an UPI scanner — just scan and pay!
UPI (Unified Payments Interface), developed by NPCI (National Payments Corporation of India), is a real-time payment system in India that enables money transfers between bank accounts with just a UPI ID. You don't need no IFSC code, account number or net banking credentials — just an internet-enabled smartphone and a mobile app.
UPI ID is a unique identifier for a bank account on the UPI platform, acting as a virtual payment address. Usually, it's a combination of a person's name and a unique identifier, such as a phone number, with the format "name@bank".
For example, Neha Sharma's UPI ID with Axis Bank could be neha.sharma@axisbank, or a variation of the account holder's name or number with the same bank name as the suffix.
UPI transactions in India reached 7,404.45 Cr Cr in 2022 , disproving sceptics who thought it would take a long time for our nation to adopt UPI. It translates to 2,348 transactions per second, demonstrating UPI's popularity across all tiers of cities and towns.
Evidently, our population has understood the benefits of having a UPI ID, the key ones being:
While several UPI apps exist today, here are the top apps based on the frequency of usage (transaction count) in 2022.
Here's how you can find your UPI ID on the Fi app:
Disclaimer: While Fi Money is a Financial Management app, that partners with a licensed banking partner Federal Bank to provide a savings account, it does double up as a UPI payments platform too.
UPI has revolutionised payments in India, allowing for easy and instant money transfers with just a few clicks. Its popularity is evident from the significant increase in transactions, reaching 7,404.45 Cr Cr in 2022. UPI offers numerous benefits, including round-the-clock availability, enhanced security, and the convenience of linking multiple bank accounts. Top UPI apps like PhonePe, Google Pay, PayTM, Amazon Pay, and BHIM have further contributed to its widespread usage. Finding your UPI ID is simple and can be done within the Fi Money app.
Open a Federal Bank Savings Account through Fi within minutes. This account provides a VISA Platinum Debit Card and also, all UPI features. You can use Fi to safely stash your savings in deposits, earn additional interest, send and receive payments instantly, analyse expenses, and budget smarter. If you upgrade to other account plans within Fi — you get access to premium features like 0 forex charges, US Stocks, Mutual Funds, etc. and not to mention — up to 3% rewards!
Yes. Google Pay, a popular digital payment app in India, has millions of active users and as per reports, recorded over 2,250 Cr transactions worth 3₹9.51 Lakh Cr Jan-Nov 2022. Incidentally, the minds behind Google Pay are also the founders of Fi Money, Sujith Narayanan & Sumit Gwalani.
Go to the Pay section of any UPI app/financial app like Fi & enter your beneficiary's phone number — it will show you the UPI IDs linked to the number.
Due to security, only the recipient's name will be visible when transferring money using their phone number linked to UPI ID for the first time. This confirms you're sending it to the correct person.
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