SBI UPI

The State Bank of India offers UPI as a payment solution through customers can send and receive funds through the BHIM SBI Pay APP. All SBI customers can avail of it for transactions within SBI and also with accounts in other UPI-enabled banks. The process of fund transfer is carried out using a VPA (Virtual Payment Address) or an account number along with the Indian Financial System Code (IFSC) of the concerned bank branch. The VPA is a virtual id.

The NPCI has initiated UPI and the Reserve Bank of India monitors it. NCPI monitors all retail payments in the country in an effort to allow the smooth and efficient flow of digital transactions using a mobile application. Users can easily assess this service by downloading the SBI Pay app on their respective mobile phones.

Registering for SBI UPI

1: Download the SBI UPI app on your smartphone.

2: Verify the registered mobile number via SMS (the same number that is registered with your respective bank).

3: Once you receive the SMS, the app will verify the mobile number automatically.

4: Begin the registration process by entering a 'Virtual Address', your first name, last name and email id. Set up the security question and answer.

5: Accept all the terms and conditions.

6: Select a bank account and click 'Register.'

7: Set up a 6-digit password.

8: Submit the debit card details, enter the OPT to set up the m-PIN.

9: Receive a registration confirmation message as an SMS on the registered mobile number

Making Payments Using SBI UPI

Follow these steps to send money using SBI UPI:

Log in to your SBI UPI app using your password.

Select 'pay' and select the debit account.

Enter the beneficiary's VPA followed by the amount you wish to send.

Cross-check the details and enter the MPIN to initiate the transfer.

You will get an update of the transaction status as an SMS.

Receiving Payment Using SBI UPI

SBI UPI lets you request for funds from your contacts. This is how you can do it:

Log in to your UPI app using the password.

Tap on the 'collect' option.

Enter the sender's VPA, mention the amount and select the account where the money should be credited.

Review and confirm the details.

The request notification will be sent to the concerned person.

You will receive the money once they approve the transaction using their M-PIN.

Benefits of SBI Pay

Cashless Payments: The convenient digital payment mechanism allows customers to send and receive money effortlessly through this app.

Safe and reliable: All the transactions are done through encrypted data. Hence, it is a very safe way of transferring funds.

Backed by RBI: The RBI monitors the app, thus it is highly trustworthy.

No restriction: Funds can be transferred at any time on all 365 days of the year including the bank holidays.

Convenience: It is a fast, economical and hassle-free service.

FAQs

What is the difference between SBI UPI and IMPS?

SBI UPI has many additional features like transaction through VPA and the collect money feature. IMPS doesn't offer these options.

What is a VPA?

VPA stands for Virtual Payment Address. It is a unique ID that serves as a virtual identification.

How many VPAs can SBI customers have?

Users can have multiple VPAs.

Is it mandatory to register to avail of the service?

Yes, one cannot enjoy the services of SBI UPI without registering for it.

Can multiple bank accounts be linked with the VPA?

Yes.

Can other e-wallets be linked with SBI Pay?

No, that's not possible.

How to get a VPA?

A VPA can be chosen by the user during the registration process.

Is it mandatory to add a beneficiary to carry out SBI Pay transactions? What are the details required?

There's no need to add a beneficiary. The recipient's VPA or account number along with IFSC code are enough.

What is the transaction limit?

Maximum five transactions can be done in a day and one may send a maximum amount of Rs.10,000 per day.

What if I lose my phone?

Contact the customer care and block the number to avoid misuse.

How to track a transaction status on the SBI Pay app?

Transactions can be tracked through the 'My UPI Transactions' tab on the app.

How to deal with a Collect Pay request?

Log into the app and then click either on 'Approve' or 'Reject.' If you approve the transaction, enter your m-PIN to authorize it.

How to change the default account?

Go to 'Account Management' tab on the app, then choose 'Account.' Click on the 'Preferred Account Button' to get the option of making changes.

If another person uses the mobile, can they make payments through the app?

No. All payments require the m-PIN for authorization.

What happens if a user changes the mobile number?

They can update the new mobile number and continue to use the app after