UPI Payments have seen rapid growth in the recent times. As Indians preferring “Digital Payments” over Physical Payments, UPI Payments are increasing day-by-day.
To ease Funds Transfer and making the transactions more securely, NPCI(National Payment Corporation of India)launched this UPI(Unified Payments Interface).
Bhim app, Google Pay, Phone Pay, Amazon Pay UPI provides UPI Payments. Till Now, the customer can transfer amount based on the UPI ID of the receiver.
But Banks like Kotak Mahindra, ICICI Bank eased the process more better.
1.Now you can open the UPI app and click on “Pay To Contact”.
2.You can select from the contacts list in your phone.
3.All the UPI details of his/her will be automatically displayed
4.You have to cross-check the beneficiary(Whom you wish to pay)identity and enter the “Amount” and Your “UPI PIN” and make the payment.
This feature is also being used by Airtel Payments Bank and Amazon Pay UPI.
5.Kotak Mahindra Bank UPI app allows to identify receiver’s app through your UPI Contacts list
It is beneficial to use “Pay To Contact” option as it doesn’t require UPI ID of the receiver. You can pay directly to his contacts whether he is using Google Pay, Phone Pay or Amazon Pay.
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