Pay on Indiamart using UPI

We have launched the new payment options of UPI APP (Unified Payment Interface) on Pay.IM.

While we were using a lot of payments options i.e Credit/Debit/NetBanking etc., this is the first time we have added this new payment option, that is to pay via UPI App payments including BHIM UPI, AmazonPay, PhonePe.

What is UPI?
Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI) facilitating inter-bank transactions. UPI can be thought of like an email ID for your money. It will be a unique identifier that your bank uses to transfer money and make payments using the IMPS (Immediate Payments Service). IMPS is faster than NEFT and lets you transfer money immediately and unlike NEFT, and it works 24×7. This means that online payments will become much easier without requiring a digital wallet, credit or debit card.

How UPI works in Online Payments?
Currently, if you want to make a bank payment online, you have to enter their account number, account type, Bank name, and IFSC code. Even if you have all these details, typing it all in particularly on a phone, is a painful process. Most banks take up to 12 hours to add a new payee and only then you can make the transfer.

Currently, if you want to make a bank payment online, you have to enter their account number, account type, Bank name, and IFSC code. Even if you have all these details, typing it all in particularly on a phone, is a painful process. Most banks take up to 12 hours to add a new payee and only then you can make the transfer.

The idea behind the UPI is to do away with all of this. The interface will allow account holders across banks to send and receive money from their smartphones using just their Aadhaar unique identity number, mobile phone number or virtual payments address without entering bank account details.

How is different from other payment gateway option?
Simply put the Unified Payment Interface (UPI), is the email ID for your money.

It is a unique identifier that your bank uses to transfer money and make payments using the IMPS (Immediate Payments Service). IMPS is faster than NEFT and lets you transfer money immediately and unlike NEFT, it works 24×7.

How secure is this mode of payment?
Security is fool-proof as the transaction will happen in a highly encrypted format. Already NPCI’s IMPS network handles more than Rs.8,000 crore worth of transactions a day, which will exponentially increase with the use of mobile phones.

Factor authentication – similar to OTP will be there as it’s mandated by RBI. In this case, MPIN instead of OTP will be used.

BHIM>UPI Payment Steps:

  1. Supplier enters VPA (UPI ID) on PAY.IM webpage.
  2. It will redirect you to PayU UPI authentication page.
  3. Supplier gets a Success page on the web after proceeding payment in Phone

AmazonPay Payment Steps:

  1. Supplier selects the Amazon pay on PAY with IM webpage
  2. On clicking on the Pay button it redirects to Amazon login page
  3. After Login, Amazon asks to process payment
  4. After Proceed Payment the success/failure of the transaction appears on Desktop Pay.IM

PhonePe Payment Steps:

  1. Supplier selects the PhonePe on PAY with IM webpage.
  2. On clicking on the Pay button, it redirects to PayU screen where a timer appears to pay confirmation via Mobile.
  3. As the user receives the SMS/Notification on mobile, he needs to proceed to payment via PhonePe.
  4. After Proceed Payment the Success/Failure of the transaction appears on Desktop PAY with IM .

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