India continues to embrace cashless transactions, with the Unified Payments Interface (UPI) being one of the most popular digital payment methods. With its ease of use and convenience, UPI has transformed the way people make transactions. But, with UPI becoming such an integral part of people’s lives, there is still a common misconception that only savings bank account holders can use UPI. This is not true because UPI works seamlessly with different types of bank accounts, including current accounts.
So, if you are a current account holder looking to simplify your payment experience and join the cashless revolution happening throughout India, UPI is the way to go. Just follow these steps to use UPI with your current account and transform your banking experience.
Step 1: Register for UPI
After you complete the current account opening process with your bank, simply download any UPI payment application and register yourself. Provide some personal details such as your mobile number, bank account number, and IFSC code. Once you have registered, your UPI ID or Virtual Payment Address (VPA) will be created that you can use to carry out transactions.
Step 2: Link your current account with the given instructions
Once your current account is linked, you can make and receive payments directly from your account. You can even link different types of current accounts to a single app, saving time and effort.
Step 3: Make and receive payments
Enter the UPI ID or mobile number of the person you want to pay, enter the amount, and confirm the transaction. All the transactions are processed in real-time, ensuring that your recipient receives the funds instantly.
To receive payments through UPI, just share your UPI ID or mobile number with the person who wants to pay you. You can also generate a QR code, which the other person can scan to make the payment.
Benefits of UPI for a current account
- 1. You can link multiple accounts: Most people thoroughly compare current accounts because they think that only one can be used with UPI. But you can link multiple current accounts and manage all your accounts through a single platform.
- 2. Real time transactions: With UPI, you can transfer money instantly, 24/7, and 365 days a year, without any delay. Transactions can be done using just the UPI ID or VPA, which is unique to each user.
- 3. Receiving timely payments: Once a customer sends you money, the amount will reflect in your bank account within seconds. So, you can avoid delays in payments, which could hamper your daily business activities.
- 4. Secure and safe: UPI uses advanced encryption and identification technology to ensure the security of your transactions. There are multiple layers of security, including UPI PIN, biometrics, or pattern locks. And with the use of virtual addresses, your bank account details are kept confidential, and it helps to prevent any fraudulent activities.
- 5. Minimal costs: UPI transactions are much cheaper than many other payment modes. This is a major benefit for small businesses, as they can save money and allocate it to other operational and marketing expenses.
To sum up
Current account holders can avail multiple benefits of UPI, but only if their respective banks offer UPI services. So, if you are a new user looking for how to open a current account, try to research first and choose a bank that supports UPI integration for a hassle-free banking experience. And to make transactions more efficient and faster, it is best to use the UPI app of the bank where you have opened your current account.