BHIM UCO UPI vs PSB UnIC

UCO Bank launches official UPI-Unified Payment Interface app for all banking needs of customer. UCO Bank is a commercial Bank and a Government of India undertaking and providing various services to its customers. BHIM UCO UPI-Unified Payment Interface allows customers to Pay/Collect money using Virtual Private Address. Virtual Private Address is unique for each customers account. Customer can download the UPI app and install it in device(Mobile/ Tablets). While doing the registration, UPI app communicates with NPCI in encrypted data format. The customer has to create virtual address and complete profile information. The customer can add UPI enabled Bank accounts based on their Mobile Number registered in banks. After adding the bank account, it has to verified using debit card information and set MPIN using OTP. After debit card verification, the customer can pay/collect to other bank accounts. The customer can do the balance enquiry. UPI uses IMPS as underlying base. The customer can use P2P(using MMID and Mobile of Remitter), P2A(using IFSC and account), P2U (AAdhar payments) and VPA(Virtual Private Address) for doing payments. The customer can initiate collect request to other UPI customer. It will appear in Collect Authorisation option where user can accept or reject requests. The transaction history shows details of all payment and collect requests. Using Add beneficiary, the customer can add beneficiary of other banks for doing payments. The Unified Payment Interface allows payments to be initiated by the payer, or by the payee. In the basic payee initiated flows, the payment request is routed by the initiating application through the NPCI switch to the payer for approval. However, in certain instances, where it is possible to connect with the payer immediately, it is preferred that the payee sends a payment request to the payer, who can then initiate the payment request with his credentials. Unified Payments Interface (UPI) is an architecture and a set of standard APIs to facilitate the next generation online immediate payments leveraging trends such as increasing smartphone adoption, Indian language interfaces, and universal access to Internet and data. UPI is launched by National Payments Corporation of India with Reserve Bank of India's vision of migrating towards a 'less-cash' and more digital society. NPCI has built on the Immediate Payment Service(IMPS) platform through which one could transfer money instantly by going online-by adding another layer that allows easy debit capability even on mobile phones. Bank as a part of digital banking, is introducing QR code for its BHIMUCOUPI. This will facilitate in leveraging quick fund transfer and healthy replacement of PoS (Point of Sale).

PSB UnIC mobile banking app is a one stop solution allowing you to send money, view account details, generate statement, invest in term deposits, manage debit card, cheque services and many other exclusive services at your fingertips. PSB UnIC App allows transferring funds within and outside bank account using UPI, NEFT, RTGS, IMPS. Below are some features of PSB UnIC App: • Single login for web and mobile app. Login using biometric OR MPIN option can be used for Psb UnIC App. • Instant self-accounts and within Bank transfer. • Instant Payment upto 10,000/- via UPI & IMPS without adding Payee. • Hassle free fund transfer from PSB to other bank accounts using various transfer modes such as: NEFT, IMPS, RTGS & UPI. • Pay EMI, Pay Advance EMI or Pay loan overdue amount instantly. • Invest in Social Security schemes – Atal Pension Yojana (APY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jiwan Jyoti Bima Yojana (PMJJBY). • Investing in Bank Deposits is easier than ever. Open and close an online Fixed Deposit or online Recurring Deposit instantly. • Debit card management- Manage your debit card limits and control the usage online. • Apply for a new card, Hotlist a card or upgrade your card online. • Request for a new Cheque book instantly. • Pre-Intimate the issuance of cheques using Positive Pay. • Stop a cheque, enquire inward and outward cheque status • Generate bank statement, TDS certificate, Balance certificate instantly. • Pay and collect money from anyone instantly using Unified Payment Interface (UPI Payments). UPI ID is your virtual identity for UPI payments. We assure to add more and more features in the PSB UnIC. Web version of PSB UnIC can be accessed through our official website: www.punjabandsindbank.co.in For any feedback, queries or issues pertaining to PSB UnIC application please write to omni_support@psb.co.in