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Can current account holders use UPI?
Posted on Thursday, March 23rd, 2023 | By IndusInd Bank
Unified Payments Interface, popularly known as UPI, is a revolutionary payment system that has transformed the way people in India transfer money. It allows for seamless and instant transfers between bank accounts using a mobile application. UPI has made banking simpler, faster, and more secure. However, many people are still unsure about whether current account holders can use UPI. In this blog post, we will answer this question and explain everything you need to know about UPI and current accounts.
Firstly, let’s understand what is a current account. A current account is a type of bank account that is primarily used for business transactions. It is designed to facilitate frequent transactions and withdrawals, making it ideal for businesses that need to manage their day-to-day expenses. A current account holder can deposit and withdraw money as and when required and can also avail other services such as overdraft facilities, cheque books, and online banking.
Now, coming to the question of whether current account holders can use UPI – the answer is yes. UPI is available to both savings account holders and current account holders. UPI enables users to link their bank accounts with a virtual payment address (VPA) and make transactions using their mobile phones. To link a current account with UPI, the account holder needs to register for UPI using the mobile banking app or website provided by their bank. Once the registration process is complete, the current account holder can use UPI to make and receive payments.
If you wish to offer your customers more ways to pay, open a current account with IndusInd Bank.
As digital payments become more and more prevalent in India, businesses are looking for banking solutions that can help them accept payments quickly, easily, and securely. That is why IndusInd Bank Current Accounts come with multiple payment solutions that make it easy to accept digital payments without any hassle.
IndusInd Bank Current Account empowers your business with the ability to accept contactless card payments. Using a POS device, you can accept payments from customers using their debit or credit cards. This not only makes it easier for customers to pay, but also enhances the overall customer experience.
In addition to contactless card payments, the IndusInd Bank Current Account also allows you to accept payments through QR code and UPI. These payment methods are becoming increasingly popular in India, and businesses that offer them are more likely to attract and retain customers.
That’s not all, you can even order a soundbox for your business to real-time audio confirmation of payments using the Indus Merchant Solutions App. IMS app makes it even more convenient for you to manage your payments via digital ledger, auto-settlement of payments, 24X7 access to account details and the ability to accept payments anywhere, anytime!
With multiple payment solutions and the all-in-one mobile banking app Indus Merchant Solutions, you can easily accept payments from customers and manage your finances on-the-go. This not only saves time and effort but also improves the overall efficiency of your business.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
