Most of the people are not aware that you can do bank transactions in your phone without the help of Internet. That means you don’t need an android phone. A simple Java phone with a mobile number that you had registered it in your Bank. You can send the money to others’ Bank Accounts if you know their Bank A/c No. , IFSC Code or VPA or Mobile No. or Aadhar Number. Moreover you can check the balance of your bank account, view the details of your last five transactions etc;
How to start?
You just need to dial *99# from your registered mobile number and for the first time it will ask that in which bank you have the details. You can just type your bank name or first four letters of your bank IFSC Code. It will only fetch your bank details and makes everything ready to transact from your phone. If you have not set any mobile banking pins earlier, it will prompt you to set an UPI Pin to authenticate your transactions. Once you set the UPI Pin, you are done. You can transact easily at your finger tips 24/7. While coming to charges, they are making it available for free of cost earlier, but now they are charging about 50 Paise for each transaction.
How it works?
It is actually an USSD service which works with the help of UPI Platform. If you are sending the money through Net Banking to another bank account , you have to send through NEFT or IMPS. But it takes some time to make the transfer effective. If you need an immediate transfer, the best thing is UPI (Unified Payment Interface) which was brought in India by NPCI (National Payments Corporation of India) to make Banking easy. Most of the banks in India were on UPI at present. UPI is such a good thing because of its fastness in the transactions.
You must have heard of these mobile apps that are working with the help of UPI are BHIM, PhonePe, PayZapp, etc; Even most of the banks have released their own UPI apps.