Ever since its launch in Jan 2016, Unified Payment Interface or UPI payments have transformed your smartphones as virtual debit cards powering you to send or receive money immediately.
A lot of our users are already facilitating payments using UPI on other platforms. Thus, when you demanded to bring UPI Payments on the Quick Ride app, we heard you loud and clear!
Congratulations, you can now pay for your rides on Quick Ride through UPI Payments using the UPI merchant of your choice.
Almost all of us have quickly adapted ourselves to the cashless economy. However, for a few this all might still be new. We have been getting regular questions such as What’s UPI, How’s does UPI work, How’s it going to modify the manner I manage company payments, etc. If you have been using UPI payments yet do not understand the interface or What, How, Why of UPI’s, then, do not hit the snooze and continue reading. We are here to clarify this new payment method in detail.
What is UPI?
Consider Unified Payment Interface (UPI) as more of an email ID for your money. UPI is a payment system developed by the National Payments Corporation of India. Your bank uses a unique identifier to make payments using IMPS (Immediate Payments Service). IMPS function 24*7 and is much faster than NEFT which means you can transfer money instantly.
This implies that payments using UPI will be much easier without a digital wallet or credit or debit card requirement. In just a few clicks, you can make a bank transfer from anywhere in the world!
How Does UPI Work?
How do you make online bank payments currently? First, you enter your account number followed by the type of account, bank name, and IFSC code. All this is crucial information and cannot be skipped. However, it’s a painful method to type everything in, especially on mobile. And when adding a new beneficiary, pfft! It takes up to 12 hours for most banks to add a fresh payee. So you have to wait for a long time to make that urgent bank transfer.
UPI Payments are here to end this long -frustrating process. Your UPI ID works almost the same way as your name. It provides senders with a Virtual Payments Address to enter when money is transferred to your account. To generate your own VPA or UPI ID, you need to start by downloading and registering for any UPI app of your choice. The registration page will prompt you to enter your UPI ID. This UPI ID can be whatever you want it to be. Going forward this ID will be yours to use once you enter a password and confirm the same.
How to use UPI?
The UPI ID or VPA is what you share with your customers or family when they need to make payments to you. It is the detail that you can use instead of sharing your bank account number. Picture this – when you wish to send a text message, you must first enter a name or number in the recipient’s section. The UPI ID functions the same way.
In fact, one cannot send money to someone or receive money from someone if one does not know the UPI ID. As this is the detail that you can use instead of sharing your bank account number, UPI is a very secure way to conduct transactions, without worrying about someone misusing your banking details.
What is the daily limit for UPI Transactions?
|Per transaction limit||Per day total limit|
|Rs 1 lakh||Rs 1 lakh|
How secure is UPI?
The transaction happens in a secure encrypted format. The IMPS network of NPCI already handles transactions worth more than Rs.8,000 crore per day. 2 Authentication factors like OTP as made mandatory by the RBI is used. However, here MPIN is used instead of OTP.
MPIN is the mobile banking pin you set to your bank’s banking module application. Upon linking that account, you can use the same MPIN to validate UPI transactions.
Can I use UPI on Quick Ride?
You can now pay using UPI on Quick Ride. You cannot redeem points using UPI which means only Ride Takers can pay for their rides using UPI payment on Quick Ride.
How to pay for rides on Quick Ride using UPI?
Step One: To begin with, you need to first set up the account by adding your VPA (Virtual Payment Address).
- Open Quick Ride app, open your Profile and tap on ‘My Payments.’
Step Two: Here, you can see all the available payment options.
- Tap on the ‘LINK’ option under UPI Wallet with ‘Google Pay/PhonePe/UPI’ on the right.
- Add the UPI ID that you use on your banking apps.
Once verified, The UPI Payments option will get selected automatically as the payment option and will get displayed on the top.
Step Three: Now, your UPI method is the selected payment option. Let’s create a ride.
- Enter your pickup and drop location
- Enter Date and Time
- Select Seat and ‘Find a Ride’
Step Four: Complete your Ride. Your UPI payment partner will request the payment via notification post-ride completion as shown here.
Step Five: You’ll be asked to enter the 4-digit authentication PIN on your smartphone to complete the booking. The money will get debited from your bank account linked to your VPA.
Within the last two years, UPI has become an effective alternative to mobile wallets, making cashless payments possible within a click. It has the ability to create cashless micropayments that support buyers and sellers alike. Please feel free to ask questions or share your ideas. You can reach us at email@example.com for assistance.