UPI

Cent UPI

What is UPI? 

Unified payment Interface (UPI) is a payments system platform developed by National Payments Corporation of India (NPCI). 

Here a customer can fetch and place all his/her accounts maintained with different banks and transact through these accounts. 

UPI facilitates money transfer between any two parties using a smart phone through a payment identifier like a combination of an account number and IFS Code or a virtual address.

How is UPI different from IMPS? 

UPI is providing additional benefits to IMPS in the following ways: 

• Provides the "Collect Money" option 

• Single Android app for funds transfer using account of any bank participating in UPI 

• Simplifies Merchant Payments 

• Provides single click two factor authentication. 

Is registration mandatory for making transactions using UPI? 

Yes. You need to register on UPI and link your bank accounts before performing transactions. 

I am not a Central Bank of India customer, can I still use the Central Bank of India UPI application? 

 Yes. You may use Central Bank of India UPI application even if you are not a Central Bank of India customer and add accounts maintained in other banks participating in UPI.  

What are the requirements for using UPI? 

While registering for Central Bank of India UPI, please ensure you have following: 

• An android smartphone with internet services 

• An operative bank account 

• The mobile number being registered with UPI must be linked to the bank account. 

• Active debit card relating to this account for creating UPI 

• PIN for transactions. 

Are there any additional charges for transactions done using UPI? 

Currently, there are no charges for transactions done through UPI. 

How do I register in the Central Bank of India UPI application? 

Click on “New User Registration” to verify the Mobile Number. 

An OTP (One Time Password) will be sent from your mobile for verification. 

The SMS should be sent from the mobile number registered with the bank accounts. 

In case of dual- SIM phones, please ensure the SMS is delivered from the mobile number registered with the bank 

After your mobile number is verified, the New Registration screen is displayed. 

Fill in the required details. 

Following are the transaction supported by Cent UPI app.

User profile registration, 

Payment address creation, 

Addition of Bank accounts, 

UPI transaction PIN generation, 

What are the different channels for transferring funds using UPI? 

The different channels available for transferring funds using UPI are: 

• Transfer through Virtual ID 

• Account Number and IFSC combination 

• Mobile number and MMID combination 

• Using Aadhaar number 

• Collect / Pull money through virtual ID 

.What is 'Virtual Address'? How do I create one? 

A Virtual Address is created for your bank account which acts as a unique identifier that is to be used for performing transactions. 

For remitting money, you just need to enter the virtual address of the beneficiary. 

The beneficiary need not reveal account details as only their Virtual address is required for carrying out the transactions. 15. What is UPI PIN? How do I set UPI PIN? After successful addition of bank account and creation of virtual address, click on Set PIN for setting a PIN for transaction. This PIN would be required for authorizing transactions. An OTP would be delivered on the registered mobile number. You also need to enter the last 6 digits of your debit card and its expiry date. You can use Change PIN option to change the PIN required for transactions.