How can you use UPI for Business Account?

 One of the easiest and most secure ways to receive and transfer payments is through the Unified Payments Interface (UPI). UPI hides the sender's and receiver's bank account numbers and IFSC codes, adding an extra layer of protection to transactions. It is incredibly straightforward and convenient to do transactions using UPI. 

 



To use the UPI for business account, you must first link your bank account. After you've linked your bank accounts, you'll need to create a virtual address that will serve as your identity while receiving and sending payments. All you need is your bank account number and IFSC code to register your account. After entering those details, the user must choose a unique virtual ID for transactions. This virtual ID functions similarly to an email address. To make a UPI payment, the user just enters the sender's virtual ID and the confirmation PIN, and the amount is automatically debited from the associated account. 

 

This method is simple for most customers because they can link their savings accounts to their UPI apps and execute transactions quickly. The question is whether current account holders can use UPI. 

 

UPI does not distinguish between a Savings Account and a Current Account when it comes to transacting. It is impossible to tell if the money is being sent to a Savings Account or a Current Account because the account is masked by the virtual ID generated by the user. Any bank account can be used to create a UPI for business account. Users of Current Accounts can now register for UPI using their Current Accounts. 

 

UPI works just as well for Current Account users as it does for Savings Account users. Current Account holders only need to make sure that their bank does not have any restrictions on registering a Current Account in UPI. It is preferable to utilize the UPI app of the bank where the Current Account is opened to avoid complications. As a result, completing UPI transactions is significantly easier than with any other software. 

 

Accounts Payable UPI is a lesser-known application of the payment interface. Once word gets out, it will be relatively simple to use UPI for business account and payments, especially for small and medium-sized enterprises operated by a single person. Current Accounts' ease and comfort, along with UPI's speed and transparency, can result in faster and smoother payments. 

 

Bank Current Account holders can link their accounts and perform transactions using the bank's UPI application. Click here to learn more about Nimbbl’s products and offerings.  


Also read: What is Guest Checkout and How can it Help Your Online Store?

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