How to Download UPI Apps by SBI, HDFC, ICICI, and Other Banks on Android and iPhone

How to Download UPI Apps by SBI, HDFC, ICICI, and Other Banks on Android and iPhone

How to Download UPI Apps by SBI, HDFC, ICICI, and Other Banks on Android and iPhone
UPI apps by 21 banks, such as SBI, HDFC, ICICI, are available now
All banks have released Android apps for UPI, and a few have iOS apps too
UPI allows you to make transactions online directly from bank accounts
While mobile wallets have capitalised on Prime Minister Narendra Modi’s demonetisation drive and emerged as the big gainers, the government-backed Unified Payments Interface (UPI) had been a no-show until a recent marketing push by the government. Despite being a platform that could have solved the cash crunch, UPI hasn’t really got the kind of traction it probably deserves among both consumers and merchants.

(Also see: Wallet Companies Are Expanding, but Where Is UPI?)

UPI allows you to make payments directly from your bank account, just like you can pay using a debit card, by netbanking, or via a cheque. You need to have a registered mobile number with your bank, and this is used to verify your account. When you sign up on a UPI app the system takes the requisite information courtesy your mobile number. Once your mobile number is verified, you can create your Virtual Payment Account (VPA) and an mPIN to start making transactions using the UPI service.
(Also see: All You Need To Know About UPI)
At present, around 30 banks have joined the UPI platform, with more than 20 UPI apps already available on Google Play and Apple App Store. The beauty of the UPI system is that you can register on (for example) the Axis Bank UPI App, but link any of your bank accounts, whether it is HDFC Bank, or Union Bank. Some UPI apps also act as mobile wallets, while others allow users to make purchases, such as mobile or DTH recharges, using the UPI. These include ICICI Bank’s Pockets app, and the Flipkart and Yes Bank-powered PhonePe.
(Also see: How the Unified Payments Interface Will Evolve)

Making transactions via UPI apps entails a charge of Rs. 5, plus service; this is the amount banks charge for making payments via IMPS netbanking too, which makes sense, since IMPS is actually the backbone of the UPI. Here is a list of all the UPI apps currently available for smartphones.

1. SBI Pay: Android

2. HDFC Bank MobileBanking: Android, iOS

3. ICICI Pockets: Android, iOS

4. Axis Pay UPI App: Android

5. Union Bank UPI App: Android

6. PNB UPI: Android

7. PhonePe: Android

8. Canara Bank UPI – eMpower: Android

9. United UPI: Android

10. Andhra Bank ONE – UPI App: Android

11. UCO UPI: Android

12. Bank of Maharashtra – Maha UPI: Android

13. Vijaya UPI: Android

14. South Indian Bank – SIB M-Pay (UPI Pay): Android

15. KBL SMARTz (UPI): Android

16. OBC UPI PSP: Android

17. UPI Bank Transfer with Friends: Android

18. DCB Bank UPI App: Android

19. Lotza – UPI: Android

20. TranZapp – UPI: Android

21. CSB UPI: Android

Tags: UPI, UPI Apps, Unified Payments Interface, ICICI UPI App, HDFC Bank UPI App, PhonePe UPI App, PhonePe, PNB UPI App


SBI launches specialized branch for start-ups

Chairperson of SBI Arundhati Bhattacharya and managing director Rajnish Kumar, National Banking Group (NBG) launch SBI Exclusif and SBI InCube. Photo: AP

Chairperson of SBI Arundhati Bhattacharya and managing director Rajnish Kumar, National Banking Group (NBG) launch SBI Exclusif and SBI InCube. Photo: AP

Bengaluru: State Bank of India (SBI), India’s largest lender, on Thursday opened a specialized branch—SBI InCube—that will cater to the specific financial needs of start-ups.

The branch will assist start-ups in cash management, taxation, regulations, foreign exchange and remittances, mentoring, and other financial services needs. The bank’s initiative comes ahead of the much-awaited start-up policy, which is expected to be announced by the Centre later this week.

However, InCube, in its current form, cannot fund start-ups. “We still believe that we are not giving them financial help because financing is not the only thing that start-ups need. What they need is a lot of financial management advice,” said Arundhati Bhattacharya, chairperson of SBI, adding that the bank is open to the idea of investing in mature start-ups if there are signs of profitability.

The lender also launched SBI Exclusif to offer specialized wealth management services to its customers. The bank has specialized verticals like Corporate Accounts Group (for large corporate entities), Mid-corporate Accounts Group, and National Banking Group (small and medium enterprises, or SMEs) to address the needs of specific business communities.

Although no timeline has been set for the bank to invest in start-ups, SBI expressing interest in funding such entities itself is likely to raise the hopes of many aspiring entrepreneurs.

Currently, start-ups do not qualify for commercial loans of institutional lenders and depend on venture capital firms and angel investors for funding.

In 2015, start-ups raised $7.4 billion in 894 funding rounds, according to data from start-up tracker Traxcn.

“Funding could be done when they become a little more mature or they have sufficient number of orders for scaling the companies. Surely, then they can become good candidates for funding,” said Bhattacharya.

Start-ups have so far steered clear of funding from institutionalized lenders as it would qualify as debt and not equity. “VCs (venture capitalists) and angels have a very large risk appetite which we do not have…so obviously when we are funding somebody, we need to understand how is the money going to be returned. So unless we see our way to getting our money back, it will be difficult. But the moment we have visibility, we can start funding,” she said and added, “once they mature and qualify for loans, we would love to give it (funding) to them.”

In Bengaluru, InCube will be headed by an assistant general manager and a team of three other officers who have experience in managing current accounts, regulations and forex among other functions.

Start-ups will be charged the same fees as SME customers, but any other services from external agencies, including legal advisory, would be charged appropriately, SBI said.

SBI has tied up with investors like chairman of Manipal Global Education Services and Aarin Capital T.V. Mohandas Pai, co-founder and ex-chief executive of Infosys Ltd Nandan Nilekani and software product think tank iSpirt to help mentor and connect start-ups.

It will open InCube branches in Pune and the National Capital Region in the coming months.