Unified Payment Interface (UPI)

The Unified Payments Interface (UPI) is a platform developed by the National Payments Corporation of India (NPCI) that powers multiple bank accounts into a single mobile application and merges several banking features under one umbrella. A UPI-enabled mobile application is secure, seamless, and can be used 24*7. UPI enables real-time bank-to-bank payments using a mobile number or a virtual payment address called a UPI ID.

UPI can be used to carry out online transactions by entering the beneficiary’s Virtual Payment Address (VPA), also called a UPI ID. To be able to make a transaction using UPI, you need to have the following:

· An internet connection

· A bank account

· A smartphone with an active mobile number linked to your bank account

· A UPI-enabled mobile app

Once you have access to these, you can start making transactions – i.e., sending and receiving money – through UPI. Here are three ways in which transactions can be made via UPI:

· By entering the UPI ID of the sender or receiver

· By scanning the UPI QR code

· Enter the receiver’s account number and IFSC (Indian Financial System Code)

It is important to note that these transactions are made through a UPI-enabled mobile app, without which a UPI transaction cannot be made.

Generate a UPI QR code for your business by following these steps:

· Download the Metra Trust UPI app from the Google Play Store

· Register and link any/all of your existing bank accounts to it

· Click on the menu icon on the left and select ‘My QR Code’

· Your UPI QR code is instantly generated and ready for use

· Download, print, and display your QR code inside your store where you accept payments

Customers can use the ‘Scan and Pay’ feature of the app to make payments to merchants by following these steps:

· Open the UPI app on the mobile and select the ‘Scan and Pay’ feature

· Scan the store’s QR code using

· Authorize the transaction using their UPI PIN

· The UPI payment will be credited to the merchant’s bank account instantly

· Both merchant and the customer will receive a notification once the transaction is complete

You can initiate a ‘Collect Payment’ Request from your app by following these steps:

· Download the Metra Trust UPI app from the Google Play Store

· Register and link any/all of your existing bank accounts to it

· Click on the ‘ASK’ tab at the bottom of the screen

· Enter the Virtual Payments’ Address (VPA) of the payer, followed by the amount and submit the request

· The money will be instantly credited to your linked bank account, once the payer authorizes the request

· You can set a time limit for your payer to authorize your collection request and send reminders through the app to facilitate quick payments.

The maximum transfer limit for UPI transactions varies from bank to bank. It can range from Rs 25,000 to Rs 2,00,000, depending on the bank and on person to person or person to merchant transactions. Metra Trust offers a fungible per day limit of Rs 1,00,000 for person to non-verified merchant and person to person transactions, and Rs 2,00,000 for person to verified merchants. For person to person transactions, the per transaction limit from Metra Trust savings accounts is Rs 1,00,000.