Leaving behind the time-consuming money transfer methods, the Indian Government announced a new payment method – UPI to provide rapid and safe money transfers a few years ago. UPI stands for Unified Payment Interface and is primarily available for use via smartphone applications. It has received an overwhelming response from the users due to its easy availability and stress-free banking.
It is the cheapest way to transfer funds. The user can transfer as low as Re 1 using the UPI payment system. There are various other benefits of the UPI system that funds transfer becomes faster, easier, and smoother in India. It even facilitates Online Mobile, DTH, and other recharges ranging from Re 1 to Rs 10000. The user can also pay utility bills using the UPI gateway via apps like PhonePe, Paytm, Google Pay, and others.
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Benefits of UPI Payments
Unified System Across All Banks and Apps: You want to transfer money within different banks? Do you have different UPI apps like PhonePe, Google Pay, and others? Then, you need not worry as UPI payments offer seamless compatibility across different platforms and banks. Anyone can transfer money using the dedicated UPI ID. Fast, Reliable, and Easiest Funds Transfer: The users only need to enter a four or six-digit pin for a successful transaction on the mobile app. The money gets transferred within milliseconds using a UPI supported app on the smartphone. Moving towards Stress-Free Banking: It has opened ways for stress-free banking as the user can send money using just a UPI ID. Gone are the days when the users have to wait for a few minutes or even hours to get money transacted through NEFT or IMPS. Multiple App Choices: The users can choose the best app from the vast brochure of UPI based apps on the Play Store. All the apps differ on the additional features, and the basics remain the same.Requirements for UPI
The bank should have the following information saved with the account to use the UPI system.- You should have linked Mobile Number.
- You should have access to the same Mobile Number.
- A debit card is also a must while registering the UPI.
- The transaction limit is Rs 40000 per transaction and per day. (Threshold may vary for different banks.)
- There’s a limit for 10 transactions within 24 hours on a single bank account.
Best UPI Apps in India
PhonePe

- CashBacks: Yes
- Payment Gateway Support: Yes
- Third-Party App Support: Yes
- In House Online Recharge, Bill Payments support: Yes
- FastTag: Yes
- Financial Investment Schemes: Yes
- Web Interface: No
- Multiple Language Support: Yes
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Paytm UPI

- CashBacks: Yes
- Payment Gateway Support: Yes
- Third-Party App Support: Yes
- In House Online Recharge, Bill Payments support: Yes
- FastTag: Yes
- Financial Investment Schemes: Yes
- Web Interface: Yes
- Multiple Language Support: Yes
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Google Pay

- CashBacks: Yes
- Payment Gateway Support: Yes
- Third-Party App Support: Yes
- In House Online Recharge, Bill Payments support: Yes
- FastTag: Yes
- Financial Investment Schemes: No
- Web Interface: No
- Multiple Language Support: Yes
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BHIM UPI App
- CashBacks: No
- Payment Gateway Support: Yes
- Third-Party App Support: No
- In House Online Recharge, Bill Payments support: Yes
- FastTag: No
- Financial Investment Schemes: No
- Web Interface: No
- Multiple Language Support: Yes
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MobiKwik

- CashBacks: Yes
- Payment Gateway Support: Yes
- Third-Party App Support: Yes
- In House Online Recharge, Bill Payments support: Yes
- FastTag: Yes
- Financial Investment Schemes: No
- Web Interface: No
- Multiple Language Support: Yes
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Generally, every bank has its UPI app, but the features are limited to the same bank. If the users are interested in the same bank UPI apps, then they can download their own apps. However, for extended functionality, the users can use any of the above app suiting your requirements. If we missed something in our guide of best UPI payments APps, then do let us know via the comments below.