Since its launch in 2016, the Unified Payments Interface (UPI) has completely changed how Indians carry out transactions. Now, you can handle everything from bill payments to fund transfers with just a few taps on your smartphone. Gone are the days of scrambling for cash or waiting in long queues for bank transfers.
However, many business owners and professionals wonder if it’s possible to leverage this convenient payment method with a current account. And if yes, then how? This blog will provide you with all the necessary information and steps.
Can a current account be linked to UPI easily?
Absolutely! You can link your current account with UPI easily and enjoy quick and secure transactions. All you have to do is choose a UPI-enabled current account. Consider the IndusInd Bank Indus Tarakki Current Account, designed for retailers, traders, and merchants, which supports digital collections through various merchant solutions, including UPI.
This digital current account offers multiple additional benefits that extend beyond simple UPI payments. These include:
- Enjoy a 100% digital and paperless current account opening– process
- Benefit from no monthly balance requirements, ideal for small and medium-sized enterprises that experience fluctuating monthly incomes
- Cash deposits up to ₹5 lakh per month from any location
Open a current account online and get started with IndusInd Bank today!
Steps to link UPI with your current account
Once you have chosen a bank that offers UPI-enabled current accounts, follow these steps:
Download the app: Visit your smartphone’s app store (Google Play Store for Android or the Apple App Store for iOS) and download your preferred UPI app.
Register on the app: Enter your mobile number, which should be linked to your current account. The app will send an OTP to your registered mobile number. Enter this OTP to verify your ownership.
Add your current account: Look for an option like “add bank account,” “link bank account,” or a similar term within the app. Upon clicking this, a list of banks will likely appear. Select the bank where your current account is maintained.
Set up a UPI ID: After linking your bank account, the app will create a UPI ID or VPA (Virtual Payment Address), which you will use for all your UPI transactions.
Set UPI PIN: Create a UPI PIN (a 4 or 6-digit code) to secure your transactions. Make sure this PIN is different from your ATM PIN for added security.
Now you can start using the current account UPI feature and manage your finances smoothly.
Benefits of linking your current account with UPI
| Quick transactions | UPI transactions occur in real-time, which means you can send and receive money quickly with just a PIN entry or biometric authentication. |
| Effortless payments | Gone are the days of entering long account numbers and IFSC codes. With UPI, you only need a recipient’s UPI ID or a quick QR code scan to initiate a payment. |
| 24/7 accessibility | UPI services are available 24/7. This means that you can manage your business transactions even during non-banking hours, weekends, or public holidays without any constraints. |
| Manage multiple transactions | You can manage utility bills, loan instalments, subscriptions, and other business expenses directly through your app, anytime and from any location. |
| Simplified tracking | You can find detailed transaction histories in the app, which is helpful for tracking your finances and managing your accounts effectively. |
| Multi-bank connectivity | A UPI app helps you link multiple bank accounts and manage them all without having to switch between different banking platforms. |
| More security | For UPI transactions, you need to use a two-factor authentication process, which typically requires your UPI PIN or biometric verification. |
Key takeaways
As you can see, linking your online current account with UPI apps is simple. First, select a UPI-enabled current account and then download a UPI app. Next, link your current account by entering your account details, and finally, set up your UPI PIN. Now make effortless payments via UPI IDs, phone numbers, or QR codes at any time and simplify your business finances.
So, why wait to benefit from UPI payments? Open a current account that offers useful features and UPI compatibility today!