Tap customers without credit or debit cards. More than 50 million customers use UPI.
No hassle of signatures. No hassle of receipts. No risk of storing customers’ virtual address like in cards.
UPI is a low-cost method as compared to other modes of funds transfer.
Accept payments anytime through Paymonk UPI app.
Customers share only their virtual address and no other sensitive information.
Transactions are authorized by entering the correct PIN.
Can be used for split sharing with cash on delivery, merchant payments and remittances.
Payment request can be generated 24x7 on the web or on an authorized mobile interface (app).
Download and Install Paymonk UPI app from Google Play
Click On SIGN UP & Enter Your Mobile Number
Enter OTP Received On your Mobile Number & Click On Validate Now
Now Fill Your Personal Details & Click Next
Now Fill Your Store Details & Click Next
Fill Your Bank A/C Details & Click Next
You Will Get a Success Message Requesting
Do You have any Printed QR Code? Click On Request Now
You are Successfully Registered and New QR code assigned. Check your assigned QR code in Payment QR code section. Your account is now registered and ready to use.
The Unified Payment Interface (UPI) is like an email ID for your payments. it'll be a unique identifier that your bank uses to transfer money and create payments using the IMPS (Immediate Payments Service). IMPS is quicker than NEFT and helps you to transfer money instantly and unlike NEFT, it works 24×7. this means that online payments can become much easier without requiring a digital wallet or credit or debit card.
The interface will permit account holders across banks to send and receive money from their smartphones using simply their Aadhaar unique identity number, mobile phone number or virtual payments address without getting into bank account details.
The security is fool-proof because the transaction can happen in an extremely encrypted format. Already NPCI’s IMPS network handles over Rs.8,000 crore value of transactions daily, which can exponentially increase with the utilization of mobile phones.
2 Factor authentication – similar to OTP will be there as it is mandated by RBI. In this case, MPIN instead of OTP will be used.