The pandemic crisis has become one of the biggest threats to the global economy and financial markets. To contain the impact of the outbreak, India, like many countries across the globe, is taking several measures, that includes a nationwide lockdown. This resulted in people making online transactions to make less payments. Online digital payments were once a convenience, but have now become a necessity in these times. With the help of UPI app, it has become easier to make payments of bills, online grocery stores, online pharmacies, OTT players (telecom and media), recharges, etc.
There are numerous UPI payment apps available in the market; one such app is the Finserv MARKETS app. This app offers an enhanced experience and greater control over various aspects of money management. Such apps are an efficient and practical way of looking after your finances. With a constant rise in the number of fintech apps in the market, these apps have now become available to both individual s and businesses.
What is UPI?
UPI or Unified Payments Interface helps in instantly transferring the funds between two bank s through a mobile platform. The new payment model allows you to use your smartphones as a virtual debit card. Hence, UPI is a concept that allows multiple bank s to get into a single mobile application.
The following are some of the features of the Finserv MARKETS app:
Types of Digital Payments
- Banking cards: Banking cards are one of the most widely used payment methods that can be used for online purchases and in digital payment apps, POS machines, etc.
- USSD: This service can be used to initiate fund transfers, get a look at bank statements and make balance queries. *99#, can be used to carry out online transactions without ing any digital payment app
- Aadhaar Enabled Payment System (AEPS): This service can only be availed if your Aadhaar number is linked to the bank where you hold an . AEPS can be used for all types of banking transactions.
- UPI: UPI is a type of payment system through which any customer holding a bank can transact money through a UPI payment app.
- Mobile Wallets: This is a virtual wallet service that can be used by ing an app. You can also add money to your mobile wallet and use the same to make payments and purchases.
- Bank prepaid cards: A bank prepaid card is a type of payment instrument through which you load money to make purchases.
- Point of Sale (PoS): PoS terminals are usually installed at all stores where purchases are made by customers using credit/debit cards. PoS is also available on mobile platforms and through internet browsers.
- Internet Banking: Internet banking is also referred to as e-banking or virtual banking. Internet banking is usually done through online fund transfers via NEFT, RTGS or IMPS.
- Mobile Banking: Many banks have their own apps for their customers from where individuals can the app and carry out banking transactions at the click of a button. You can carry out financial transactions/banking transactions through your smartphone.
- Bharat Interface for Money (BHIM) app: This app can be used by anyone who has a relevant mobile number, debit card, and a valid bank . You can use this app to send money to different bank s, virtual addresses or to an Aadhaar number.
How to make UPI payment through the Finserv MARKETS app?
- the Finserv MARKETS App from Play Store and complete the registration
- Select UPI on the Finserv MARKETS App’s home screen
- Enter the details of your bank , mobile number, create a PIN if required, add a bank (s) & create your VPA handle @abfspay.
- Once your VPA handle is created, the transaction will take place.
