Financial Planning

Axis Pay UPI App – Now send / receive payments anytime with highest security

Posted Gopal Gidwani

Payment modes
In the last few years, the electronic payments landscape has seen drastic changes in terms of the availability of payment modes. First came RTGS and NEFT (fund transfer between two bank accounts through a bank branch or internet banking), then came IMPS (fund transfer between two bank accounts through a mobile), then came wallets (like PayTM, Freecharge etc.) and now we have Unified Payments Interface (UPI) apps. Each of these payment modes have their own benefits, but the latest one i.e. UPI apps have an edge over the other payment modes.

What is UPI?
In simple terms, Unified Payments Interface (UPI) is a payment system for transferring (sending and receiving) money directly from one bank account to another bank account (same bank or another bank) within the UPI system. The money transfer happens instantly and can be done anytime i.e. 24*7 and 365 days a year.

Axis Pay UPI App
Axis Pay is Axis Bank’s UPI payment app that can be used for making / receiving payments. Axis Pay can be used by Axis Bank customers as well as other bank customers.


To get started with Axis Pay:

  • Download the Axis Pay UPI App from Google Playstore
  • Select a profile name and set a 6 digit passcode
  • Select the preferred bank account
  • Create a VPA (Virtual Payment Address) which is a unique ID. It acts as your identifier for UPI transactions (sending and receiving funds). Your VPA can be gopal@axisbank or mobilenumber@axisbank etc.
  • Verify the selected bank account using debit card details and OTP
  • Set a MPIN for the bank account
  • You are ready to send / receive money

Applications of Axis Pay
Axis Pay can be used transfer money for various purposes. Some of these include:

  • Individual payments: Peer-to-peer payments to family members, friends or any other individual etc.
  • Merchant payments: Regular payments at grocery shops for regular groceries, other shops / vendors for various services, to taxi / autoriskshaw drivers for fare etc.
  • Payments on various e-commerce websites for online shopping
  • Payments for mobile recharge, utility bill payments like electricity bill payments etc.

Making payments
To send money, you just need the other person’s VPA. No need for bank account details like bank name, account number, IFSC code etc. It is as simple as that. To make a payment:

  • Select your and the receiver’s VPA
  • Enter the amount
  • Authorise the transaction through the MPIN
  • You are done!

The current daily transaction limit is Rs. 1 lakh

Receiving money
To receive money, select the sender’s VPA and enter the amount. Once the sender approves the transaction on his / her app, you will receive the money.

Security
Axis Pay is very safe and secure. All transactions go through two factor authentication. User needs to enter the 6 digit passcode to open the Axis Pay app. To complete a transaction, the user needs to enter the MPIN.

Conclusion
To beat the demonetisation and cash crunch blues, Axis Pay is your handy tool. Now you neither need to carry cash nor bother about tendering exact change. While going for lunch with friends, you can conveniently split the bill and pay your share or receive the share of others through Axis Pay. It is that simple, fast and more importantly secure.

Related posts:

  1. Banking Payments - Deciphered Traditionally, banking transactions were conducted physically, using cheque books, deposit and withdrawal slips, passbooks, demand drafts, and so on. All of these transactions and services required the presence of the account holder at the bank branch. Today, physical boundaries are no longer a barrier to business, which can be conducted across cities, states, and even […]...
  2. Payumoney - Get Instant Discount Everytime You Pay for Online Shopping Payumoney is an online payment company and provides payment solutions to leading e-commerce companies. It competes with other online payment service providers like Paytm, Mobikwik, Oxigen wallet etc. The benefit that Payumoney offers customers for choosing it as the preferred payment option is the instant discount for every payment made through it. Yes you read […]...
  3. WealthPack - Your Personal Expense & Investment Advisor App WealthPack, a financial technology startup based in Gurgaon has launched a fully automated expense manager. Co-founded by three former investment bankers, WealthPack aspires to radically alter the personal finance landscape in India by changing the way people manage their money. The team understood that only by maximizing one’s savings in a consistent manner can long term […]...
  4. Take smart control of your family’s financial security with eSmart Term Plan Being the family bread earner, as part of your financial planning process, you take all possible steps to ensure that your family doesn’t face any hardships, neither in your presence nor in your absence (death). Buying a term life insurance plan is an integral part of the financial planning process. So if you have not […]...
  5. Credit Card Innovation - ‘Pay by Transaction’ Billing Mode Hi Friends On 23rd March 2010, Dhanalakshmi Bank has launched a credit card in which the credit period for every transaction is 45 days. Yes you read it right the credit period for EVERY TRANSACTION is 45 days interest free credit irrespective of the date on which the transaction is done. This is different from […]...

Leave a Reply