ur bank ac is linked to multiple names.this error came in phonepe.what can i do
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UPI or Unified Payment Interface – 15 Imp Points You Should Know
Finally a post on UPI or Unified Payment Interface :). In last 3 months, i received numerous requests from the readers of the blog to share my views on UPI. Honestly, i was waiting for the dust to settle down and launch of HDFC Bank’s and SBI’s UPI App. As i mentioned in my “About” page that i will share what you don’t know. Therefore, i took some time to came up with a dedicated post on UPI.
In my opinion, UPI is sort of financial revolution. Wherein you need to remember only a virtual private address to make or receive payment. It is truly a step forward towards a cashless economy. You need not remember details of multiple bank accounts. Trust me, i don’t remember account no, IFSC code etc of my bank accounts :).
In last few days, i did an extensive study on UPI apps. I downloaded all the UPI apps available on Google Play Store i.e. Android platform. Currently, none of the UPI apps is available on iOS. I hope shortly it will be available. Please note that at macro level UPI is not as simple as it is perceived. A lot of hard work has gone behind. Though operationally you will not face any issue besides some technical glitches. That is understandable during the initial phase. Another observation is that it seems almost all the UPI apps of PSU banks are developed by the same developer. The flow, functionality, features etc are almost similar in nature :).
UPI or Unified Payment Interface – 15 Imp Points You Should Know
1. Mobile No and Bank Account No:
As a layman, my conclusion is that the mobile no registered with the bank is the core of UPI. The basic framework of IMPS is used to build UPI functionality by NPCI (National Payment Corporation of India). It sounds very simple but very complex. There is a possibility that UPI app will not be able to find out your bank account if you are not a registered mobile banking user. Though NPCI document mentioned that VPA or Virtual Payment Address can be linked to Account No and IFSC code but i fail to understand how? Without registered mobile no. you cannot register for UPI. The only possibility is if i registered for IMPS or Immediate Payment Service using Account No and IFSC code along with mob no in the back-end.
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The simple logic is One Mobile No >> Multiple Virtual Payment Addresses >> Multiple Bank Accounts. The app part i will discuss in next point. In other words, for one mobile no. you can have multiple VPA’s. Each VPA can be linked to all the bank accounts or individually to each bank account depending on the functionality of the app. Therefore, mobile no is the center of the universe. If you have multiple mobile no’s linked to multiple bank accounts then you need multiple UPI apps i.e. precisely one app for each mobile no. I will discuss it in next point.
If you will try to register with mob no not registered with the bank then registration will never complete. This is one of the reasons why so many people are complaining that they are not able to use UPI. Another reason is dual SIM handset discussed in point no 5.
2. One UPI App for One Mobile No:
Let me take an example. I have bank account A with registered mobile no X and account B with registered mobile no Y. I cannot link both the accounts through a single Unified Payment Interface app. In other words, One UPI App >> One Mobile No >> One or Multiple Virtual Payment Addresses >> Multiple Bank Accounts linked to same mobil