Unified Payments Interface (UPI) has transformed digital payments in India. It allows smooth, instant money transfers between bank accounts using a virtual payment address or UPI ID. Both individuals and businesses are increasingly adopting UPI for its convenience and ease of use. If you have an online current account, you can also link it to UPI apps and leverage the benefits. Here is a step-by-step guide on how to link your online current account with UPI apps.

Prerequisites for linking a current account with UPI

To link your current account with a UPI app, ensure the following:

• You have an active digital current account with a bank that supports UPI transactions.
• The mobile number linked with your current account is active and accessible.
• You have installed a UPI app compatible with your bank. For example, use your bank’s own UPI app.

Step 1: Install a compatible UPI app

Install a UPI app offered by your bank from Google Play Store or Apple App Store. 

Step 2: Register on the UPI app

Open the UPI app and click on ‘Register’. Choose your bank name and enter details like mobile number, and select your account type ‘Current Account’ to register. You will receive an OTP to verify the mobile number.

Step 3: Set UPI PIN

After registering, you need to set a UPI PIN. This UPI PIN will be used to authorise all transactions. To set the PIN, enter details like your debit card number, expiry date, and CVV. You will receive an OTP to verify. Set a UPI PIN of your choice. 

Step 4: Create VPA

Once registration is done, you can create a Virtual Payment Address (VPA) or UPI ID. It will be mapped to your current account. You can choose a VPA as per the guidelines. Make a note of this VPA as it will be required to receive payments into the current account. 

Step 5: Start transacting

Your current account is now linked to the UPI app through the VPA you created. You can use the app to send and receive payments from this account seamlessly. To receive payments, share your VPA. To pay, enter the receiver’s VPA and authenticate with your UPI PIN.

Benefits of linking a current account with UPI

Linking your current account to UPI apps has many advantages:

• Accept instant payments: Receive payments from customers directly into your current account using just the VPA.
• Make quick payments: Pay vendors, employees, etc. in a few taps by using their VPA.
• Track all transactions: UPI apps provide a transaction history to help you reconcile accounts.
• Improved cash flow: UPI transfers happen instantly, improving business cash flow.
• Zero charges: UPI transactions are free. Merchants only pay charges for certain large transactions.
• Enhanced security: UPI apps work with two-factor authentication for secure transactions.
• Go cardless: Avoid risks associated with carrying debit cards by paying directly through UPI.
• Ubiquitous: The UPI payment interface is accepted almost everywhere.

Linking your current account to UPI apps like BHIM, Google Pay, PhonePe, etc. makes transactions seamless. However, always use your bank’s own UPI app for linking and transacting to avoid integration issues. Follow your bank’s security guidelines for safe transactions. Adopt UPI payments to simplify your business finances.