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Transferring money with your phone was never this easy

The first payments bank in India, Airtel Payments Bank, reported deposits of Rs. 68.33 crore at the end of the financial year 2016-17, which was its first year of operation

Updated: November 23, 2017 4:05 pm
UPI, United Payments Interface, IMPS, Immediate Payment Service, Airtel Payments Bank, Payment Bank, Tech News, Latest Tech News, Indian Express, Indian Express News The first payments bank in India, Airtel Payments Bank, reported deposits of Rs. 68.33 crore at the end of the financial year 2016-17, which was its first year of operation

UPI has been trending for some time now. It is low-cost, cashless, and provides an unmatched payment experience with complete financial security. For the uninitiated, UPI or United Payments Interface helps you transfer money and make payments using the IMPS (Immediate Payment Service). It is akin to a social media username or an email id for all your financial needs. Usually, transferring money online requires a bank account number, account holder’s name, and the IFSC code. Typing all of this is cumbersome. Moreover, with most banks, you have to register the beneficiary first (which generally takes hours) before transferring any amount. Doing all this takes a lot of time and seems like a chore. UPI makes it exponentially simple and effortless.

It allows you to instantly send and receive money from your smartphone using virtual payment address, without entering bank account details such as IFSC code and account number. With this concept in mind, a lot of key players in the field of technology and communication have forayed into banking through UPI. These payment banks provide a lot of facilities that regular banks don’t. For example, there is generally no minimum balance required. The interest rates are highest in the industry, and the user can also avail an online debit card that can be used to transact anywhere online.

Payments banks are rapidly gaining acceptance. This is evident from the expanding user base. The first payments bank in India, Airtel Payments Bank, reported deposits of Rs. 68.33 crore at the end of the financial year 2016-17, which was its first year of operation! But even after all this, an important question arises: Is your money secure? The answer can be summarized in a single word. Yes.

Airtel Payments bank is as secure as any other bank. First, your bank account is on your smartphone. Secondly, it can be secured by your smartphone’s password or via the fingerprint sensor. And thirdly, all the transactions are electronically encrypted. UPI also enables one to use QR codes, which is a secure encryption in itself.

So, rest easy and open an account with Airtel Payments bank if you haven’t already. It takes less than three minutes and requires nothing more than your Aadhaar card and hundred rupees. Also, there are a lot of benefits to avail.

An Airtel Payments Bank savings account earns you an interest of 7.25% on every rupee you save while giving a free personal accident insurance cover of Rs.1 lakh. It has a network of 25 million bank customers, who can now use Airtel Payments Bank UPI for both online and offline transactions.

Click here to know more about Airtel Payments Bank.

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  1. R
    Reader
    Oct 11, 2017 at 7:51 am
    A centralized and inter-linked biometric database like Aadhaar will lead to profiling and self-censorship, endangering freedom. Personal data gathered under the Aadhaar program is prone to misuse and surveillance. Aadhaar project has created a vulnerability to identi-ty fraud, even identi-ty theft. Easy harvesting of biometrics traits and publicly-available Aadhaar numbers increase the risk of impersonation, especially online and banking fraud. Centralized databases can be hacked. Biometrics can be cloned, copied and reused. Thus, BIOMETRICS CAN BE FAKED. High-resolution cameras can capture your fingerprints and iris information from a distance. Every eye hospital will have iris images of its patients. So another person can clone your fingerprints and iris images without your knowledge, and the same can be used for authentication. If the Aadhaar scheme is NOT STOPPED by the Supreme Court, the biometric features of Indians will soon be cloned, misused, and even traded.
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    1. V
      Vns
      Oct 11, 2017 at 8:37 pm
      It is better that the personal information is misused than live in dark ages. The moment anyone creates an email id in internet that person details are available for everyone. Future is cashless and ease of doing business and transparency and for all that India needs Aadhaar. Nay sayers are like the old time tantriks who have nothing else to do other than scare people for their benefit.
      (2)(1)
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    2. R
      Reader
      Oct 11, 2017 at 7:51 am
      UK’s Biometric ID Database was dismantled. Why the United Kingdom's biometrics-linked National Identi-ty Card project to create a centralized register of sensitive information about residents similar to Aadhaar was scrapped in 2010?? The reasons were the massive threat posed to the privacy of people, the possibility of a surveillance state, the dangers of maintaining such a huge centralized repository of personal information, and the purposes it could be used for, and the dangers of such a centralized database being hacked. The other reasons were the unreliability of such a large-scale biometric verification processes, and the ethics of using biometric identification.
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      1. R
        Reader
        Oct 11, 2017 at 7:50 am
        The US Social Security Number (SSN) card has NO BIOMETRIC DETAILS, no photograph, no physical description and no birth date. All it does is confirm that a particular number has been issued to a particular name. Instead, a driving license or state ID card is used as an identification for adults. The US government DOES NOT collect the biometric details of its own citizens for the purpose of issuing Social Security Number. The US collects the fingerprints of only those citizens who are involved in any criminal activity (it has nothing to do with SSN), and the citizens of other countries who come to the US.
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        1. V
          Vns
          Oct 11, 2017 at 8:39 pm
          You are absolutely wrong again. Every visitor every citizen ever person legally staying in USA is finger printed and this bio metric data is open for hacking like any other internet detail.
          (2)(0)
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        2. D
          DILIP
          Oct 10, 2017 at 8:04 pm
          All made possible by LION MODI by letting loose the striking force of Demonetisation, double whammy, knocked out black and hawala money and then caught the tax evaders and brought them inside the net so that they pay taxes and manyof them are CON GIT goons and Kedgerees rent boys. Digital India will transform the economy.
          (6)(4)
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          1. P
            Pradeep
            Oct 10, 2017 at 7:45 pm
            Let Feku deposit that 15 lakes he promised.then we will make use of this seven day wonder.
            (4)(2)
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            1. Justice
              Oct 11, 2017 at 1:57 pm
              put your finger in your and smell it, you will get the smell of congress.
              (0)(2)
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              1. V
                Vns
                Oct 11, 2017 at 8:41 pm
                Perfect answer to Khancross goons
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              2. V
                Vns
                Oct 11, 2017 at 8:42 pm
                FEku must be your father whom your mother deserted
                (1)(0)
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                1. V
                  Vns
                  Oct 11, 2017 at 8:43 pm
                  FEku must be your father Muzzy
                  (0)(1)
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