SBI Pay (UPI) App Registration – PIN Setup
State Bank of India UPI Registration: ‘SBI Pay’ is an online payment solution to bank account holders of any bank participating in UPI. The App allows sending and receiving money through their smartphones via a virtual payment address (VPA). The VPA acts as a unique identifier to make the transaction; no other additional details are required. Here we will discuss on SBI Pay App generate virtual payment address and UPI PIN Setup guide.
The App has been developed by National Payments Corporation of India (NPCI). The UPI facilitates instant payments through a single interface.
Aims of the SBI App
- To provide convenience for money transaction through mobile
- To promote cashless economy
- To curb black money.
- To make financial transactions transparent.
Key Features of SBI Pay
- Payments can be sent or received with the app.
- Payments can be made through mobile/web interfaces.
- In the current first phase of the app, Peer-2-Peer (P2P) transactions are allowed. In the 2nd phase, merchant transactions will be enabled.
- Transactions can be done through virtual address and Account No/IFSC modes. Later on, payment through Aadhaar, Mobile number and Mobile Money Identifier (MMID) will be enabled.
- Presently the app is made available on Android platform. NPCI also has a plan to roll out IOS version will be rolled out.
- The app can be downloaded and used by anyone.
- No charges are levied for UPI transactions.
- The customers will have to register before remitting funds with UPI and link her/his accounts.
- UPI offers an option to create any number of virtual addresses.
- If money is to be sent through virtual address, then beneficiary need to have registered and had the virtual id. In case of transfer through account no + IFSC code, beneficiary VPA is not needed.
- There is a transaction limit of Rs 10,000 a day and maximum 5 transactions can be made.
Benefits of the SBI Pay UPI
- It provides P2P Pull functionality.
- A single app can be used to transfer money in various bank accounts.
- It provides two-factor authentication through a single click. No account details are passed and as such offers additional security.
- It offers convenience as the transaction can be made 24 hours a day seven days a week.
How to Generate Virtual Payment Address?
It is simple to generate Virtual Payment Address. Follow the steps given below on how to do so.
- Download and install the SBI Pay app on your smartphone. You will find the app on the App Store.
- You will receive confirmation SMS for registration. Click on Yes and a registration page will be displayed.
- Enter the required information such as preferred virtual address, first name, last name and email address in the space provided. Set security question. Enter bank name where you hold the account. On completion, click on the ‘Next’ button.
- Select bank accounts and then click on ‘Register’ button.
The SBI Pay app is much convenient to transfer funds. It will also help the government in its war against corruption and black money.
More Related Queries:
- State Bank of India UPI Registration
- SBI Pay (UPI) App PIN Set
- SBI virtual payment address change