BHIM UCO UPI 1.4.6

UCO Bank has recently launched its official UPI-Unified Payment Interface app, providing a range of banking services to its customers. UCO Bank, a commercial bank and a Government of India undertaking, offers various features to enhance customer banking experience.

The BHIM UCO UPI-Unified Payment Interface allows customers to easily pay and collect money using a unique Virtual Private Address. To get started, customers can download and install the UPI app on their mobile or tablets. During registration, the app securely communicates with NPCI (National Payments Corporation of India) using encrypted data format. Customers are required to create a virtual address and provide necessary profile information.

Customers can then add their UPI-enabled bank accounts based on their registered mobile number. After adding the bank account, verification is done using debit card information and a set MPIN generated through OTP for added security. Once the debit card is verified, customers can conveniently pay or collect funds from other bank accounts. Additionally, balance enquiry is available as well.

UCO Bank's UPI features utilize IMPS (Immediate Payment Service) as the underlying base. Customers can easily initiate payments using various methods such as P2P (using MMID and Mobile of Remitter), P2A (using IFSC and account), P2U (Aadhar payments), and VPA (Virtual Private Address). Collect requests can also be initiated to other UPI customers, allowing users to accept or reject requests in the Collect Authorization option. The transaction history provides a detailed overview of all payments and collect requests made. Moreover, customers can add beneficiaries from other banks for seamless payment transactions using the "Add Beneficiary" feature.

The Unified Payment Interface brings flexibility to the payment process, allowing payments to be initiated either by the payer or by the payee. In payee-initiated flows, the payment request is sent to the payer for approval via the NPCI switch. However, in certain cases where immediate connectivity with the payer is possible, it is preferred that the payee sends a payment request to the payer, who can then initiate the payment request using their own credentials.

Unified Payments Interface (UPI) is an innovative architecture and a set of standard APIs developed to facilitate instant online payments and take advantage of trends such as increasing smartphone adoption, Indian language interfaces, and universal internet and data accessibility. UPI, launched by the National Payments Corporation of India with the vision of migrating towards a 'less-cash' digital society, builds upon the Immediate Payment Service (IMPS) platform to enable quick and secure money transfers even via mobile phones.

As part of its digital banking initiatives, UCO Bank has introduced QR codes for its BHIMUCOUPI, enhancing the ease and speed of fund transfers while gradually replacing traditional Point of Sale (PoS) systems.