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Bank Smart

Axis Pay UPI App

Just use your UPI ID to send/receive money instantly and securely.

android   ios

About Axis Pay

In the recent months following the demonetization drive, many of our day-to-day activities that are dependent on cash have got affected. Introducing Axis Pay Unified Payment Interface, an easy to use app with which you can link any bank account to send or receive payments instantly and securely, with just your name. Be it the fee for your child’s tuition, payment to a wedding decorator or to that contractor who needs to be paid for your house renovation,the Axis Pay UPI App ensures that life must go on

Get started:

  • Sender & receiver to download Axis Pay UPI App from Google Playstore or Apple Store
  • Select your Bank and Bank account
  • Create a Virtual Payment Address ( VPA)/ UPI ID (example – name@axisbank)
  • Link your Bank account to UPI ID
  • Send & receive secure payments instantly
UPI stands for Unified Payments Interface (UPI) which is a platform provided by NPCI to facilitate inter-operability amongst various banks. It’s a one stop solution for multiple bank accounts , one app. It allows all account holders to send and receive money using their smartphones with a single identifier – virtual payments address ( VPA) / UPI ID – without entering any bank account information. Therefore, customers do not need to know the payee's or payer’s IFS code, bank account details, etc. and this makes the process simpler.
  • Download the Axis Pay UPI App from Google Play Store or Apple Store
  • Select your preferred bank account
  • Create a Virtual Payment Address ( VPA)/ UPI ID (example – yourname@axisbank)
  • Verify your account & set a PIN
All transactions on UPI are authenticated by a 2 factor authentication. A Debit transaction can only be initiated through your VPA/ UPI ID on your device and it requires an MPIN to authenticate the transaction. Regulated by NPCI,user share their VPA only instead of sensitive information like account details, IFS Code etc.
There are no transaction charges applied for fund transfers made through Axis Pay UPI App.
A virtual payment address (VPA)/UPI ID is which you create and link to any of your bank accounts to make secure payments. The unique ID can be yourname@axisbank or mobilenumber@axisbank etc which is easy to remember. VPA / UPI ID can be used instead of Account & IFSC to transfer funds. Each VPA/ UPI ID is unique to the user.
There is no concept of loading in UPI. It’s direct account to account transfer using VPA/ UPI ID. There are no txn charges on Axis Pay.A Wallet usually charges anything between 1 to 4 % for reversal of money from wallet to account. In UPI, money resides within the account itself, hence there is no scope of reversal as well as loading. Daily txn limit is 1 lakh which is higher than any wallet and it is inter-operable across any UPI app. Awallet is not inter-operable with any other. Sender and receiver party has to have the same wallet to transfer funds. Through UPI, sender and receiving party can choose to have any UPI app available today.
Difference between NEFT, IMPS and UPI
Parameters NEFT IMPS UPI
Transaction initiation point Must be initiated from the Sender/Remitter bank's app Must be initiated from the Sender/Remitter bank's app Can be initiated from any bank's UPI app to debit the chosen Sender/Remitter bank account
Types of transfers possible Only push transfers or payment transactions possible Only push transfers or payment transactions possible Both push & pull transfers possible i.e. both Payment & Collect transactions possible
Beneficiary details needed Need Beneficiary bank account details such as IFS code & Account Number Need Beneficiary Mobile phone number and the MMID for the specific account or Account Number and IFC Code Need only the Beneficiary UPI ID!
Beneficiary addition Pre-addition & bank approval of NEFT Beneficiary needed before transfer can be done Pre-addition & bank approval of IMPS Beneficiary needed before transfer can be done(except for a few banks) No pre-addition or approval of Beneficiary required;one can simply transfer to Beneficiary UPI ID
Complexity of transfer details The IFS Codes being bank & branch specific are particularly inconvenient to use The MMIDs being bank issued & different for each account, are difficult to remember
The IFS Codes being bank & branch specific are particularly inconvenient to use
The UPI ID is user-generated,so easy to remember!
Speed of transfer Batch processed at pre-set NEFT timings Instantaneous,real-time Instantaneous,real-time
2FA(Two factor Authentication) First factor: Bank specific Internet/Mobile Banking Login ID & password First factor: Bank specific Internet/Mobile Banking Login ID & password First factor: First factor is device hardbinding where device ID and SIM(mobile number) combination is stored. User can use UPI app installed only from his device which has his registered mobile number with bank
Second Factor: OTP and/or Transaction Password/Debit Card Grid Second Factor: OTP and/or Transaction Password/Debit Card Grid Second Factor: A user selected 4- or 6-digit M-PIN;no more waiting for OTP or fetching your Debit Card for grid values!
Per transaction limit Rs 10 lakhs Rs 10,000 using MMID and mobile Number;higher for transfers using IFS Code & Account number Currently Rs 1 lakh

How Axis Pay works

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We believe that everything you've planned for #MustGoOn. And with the Axis Pay UPI app, it will!

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