Axis Pay – New Axis Bank UPI App
One of the major private sector banks in the country, Axis Bank has initiated a new wave in the emerging India economy by introducing a first in segment UPI based App. Its called the Axis Pay App and brings fast and safe online transactions at your fingertips.
Since 8th November 2016, the term Demonetization in India has become synonymous with intense emotions and discussions. However, politics and implementation aside, the recent limelight that this event has brought on the benefits of a cashless society is worth noticing and on many counts, worth appreciating. By cashless society, we mean a society that, to a large extent, utilizes services like debit/credit cards, online transactions like net-banking or mobile wallets such as Paytm or Mobiquick for their usual daily monetary transactions instead of carrying hard cash with them. We also do not mean, by any way, a society that cannot access its own money as the banks and the ATMs run dry, this sort of ‘cashless-ness’ is both undesired and highly troublesome for any nation.
Quick look : Axis Pay UPI App website
UPI or Unified Payment Interface is a result of a combined effort of RBI, National Payments Corporation of India’s (NPCI) and Indian Banks Association (IBA). With the backing of a thorough and extensive encrypted format, UPI promises to keep our money and transactions safe and secure. In a simpler term, UPI can be understood as an advanced form of the much reputed and safe IMPS or Immediate Payments Service. In fact, IMPS was also an effort that came from NPCI and thus promises to be much safer than most of the other private players in the same arena. UPI also promises to be much simpler to use and works a lot like OTP for card transactions, albeit, in this, you require an MPIN, which we would explain further in the article.
UPI, as already mentioned, is poised to be a much more user-friendly process since it takes out the need of remembering or noting down account numbers and their respective IFSC codes. Also, using UPI services you will no longer have to wait for hours before you can transfer money to a newly added payee, as the whole process will be done within seconds.
Axis Pay UPI App
Now the latest entrant with its own UPI app is Axis bank. Known for its brisk services and overall fairly good customer satisfaction, the addition of the Axis Pay UPI App would further mean Axis Bank customers, as well as other non-Axis bank customers, get to enjoy the new age of Indian online transaction technology. The app has been designed to make the whole process simple to understand and faster to execute (something which cannot be said about Demonetization as such, thus full marks to the bank). The Axis Pay UPI App allows the user to simply link any bank account with just your name. After taking this simple step, the user will be enabled to send or receive payments instantly and with encrypted security whenever the need be. Interestingly, you can have any bank account and can still use the Axis pay UPI App as long as your bank is UPI enabled.
As with anything new especially in terms of tech that works online, there can be a lot of questions and apprehensions around it. The most important part while dealing with monetary issues online is without any doubt the safety aspect of the whole process. It is no different for the UPI, especially when this fairly significant step is yet to get much of government’s marketing budget to promote it. The video below by the fine folks at Axis Bank will be able to explain and clarify most of your issues.
A Quick Look at how the Axis Pay UPI App works:
• The user needs to Download and Install Axis Pay UPI App from Playstore:
You need to have the Axis Pay UPI App installed at both sender and the receiver’s smart-phone, for easy, fast and secure transactions on the go. Note that you can also send money from an Axis Pay UPI to another UPI based bank app and vice versa.
• You need to Create your Unique ID:
Once the Axis Pay UPI App is installed on your device, you will have to create your own unique ID on it to continue further. For the App, it generally would be in the form of firstname.lastname@example.org. Just like with creating a new e-mail ID, if the unique name you have chosen is already taken up, the app would notify you and help you select some other unique ID. Once through this step, you will have to set a six digit passcode, which would be necessary for authentication every time you would need to use the app from your smartphone.
• Now you can Link any bank account to your ID:
Quite simply the most significant yet the easiest step of the whole process has to be the linking of your bank with your unique Axis Pay UPI App ID. TO do that, you simply would need to select your bank from the list of UPI enabled banks. Currently, there are 29 banks using UPI services in India. Interestingly, the app has been designed to instantly fetch your data from your selected bank, provided the phone number of your smartphone with the Axis Pay UPI App is linked with your bank. In simple terms, once the app has your phone number ad name, it will simply connect to your bank and get required details by furnishing the required phone number and name. Simple, isn’t it?
• Verify your Account:
With above steps done on your newly installed Axis Pay UPI App, you will be required to verify your account, by entering its debit card details. You will also be needed to furnish the OTP which will be sent to your registered mobile number from your bank. At this time, when the verification has been done, simply set an MPIN on your Axis Pay UPI App. This MPIN will be used for every authentication you will do for sending money to any other party.
• Now go happily transacting securely and instantly with your Axis Pay UPI App:
With your unique ID made and your account details verified and the MPIN being already set; you can now go ahead and manage contacts and add payees VPA or ‘Virtual Payment Address’. Now in order to transfer funds, all you need now is to select your VPA and sender’s VPA, enter the required amount to be sent and simply click on send. Do remember; once you click on send you will always be required to enter your MPIN which was set a few steps earlier. Once you enter your MPIN, magic occurs and the transfer is done.
Authors note: I have always liked the beautiful colour combinations Axis Bank uses in its communications. Therefore, I particularly liked the simple and good-looking interface of the Axis Pay UPI App. It is fast, secure and indeed simple to use. To download the #AxisPayUPI, continue to the Play Store.