It’s incredible how times have changed. It seems like every year or two the world is re-inventing itself, and that’s a sign of advancement. When it comes to good changes like this new Axis Pay UPI , it is certainly exciting!
What Is UPI?
For those of you who may need a little actualization on the subject matter at hand, UPI stands for Universal Payment Interface. It is a system for transferring money between two bank accounts, and has several key advantages over systems that have been used till the present date:
Advantages Of UPI:
-It is fully functional 24 hours a day, 7 days a week, including during public holidays.
-The transfer is virtually instantaneous, occurring in mere seconds. For Example, with this technology, someone can be standing in a supermarket line, realize they don’t have enough money to pay for everything, call someone up, request a transfer, and have the funds in their account to pay, even if their items were being billed at the moment they realized their mistake!
-It uses a single unique identifier, which allows people to send and receive money without having to use any of their banking information to provide as identity proof.
-It requires no pre-verification, unlike other systems, so sending money to someone for the first time is not a problem.
How Does It Work?
The process of setting up with Axis UPI could not be any simpler. You download the Axis mobile banking app from either Google Play or Apple Store, enter your preferred bank information, create what’s called a Virtual Payment Address (a virtual email account at the Axis domain including your UPI ID, which you choose yourself), and set a PIN. That’s it. To send and receive money, all you need is your ID and that of the other party.
Is It Secure?
In many ways, it is the most secure of all the current systems, because it protects your actual sensitive banking info, which never enters into the transaction itself with Axis UPI. Also, you may only initiate transactions from your own device. And finally, the system uses a special two factor authentication for a further layer of security.
Check out Axis UPI today and you will see just what you have been missing out on!