RBI just made online money transfer a cakewalk, adding beneficiary is passé now

Adding beneficiaries, punching in the IFSC code, bank account number, branch address seemed like a herculean task before transferring money online to someone from one bank to another.

The task has become easy now, thanks to the Reserve Bank of India. The RBI, along with ten banks, launched an app- Unified Payments Interface (UPI)- to make online money transfer easy.

You can download the app on your smartphones and save yourself from a bank visit.

You just have to download the UPI app and make any transaction below Rs 1 lakh.

For instance, if you want to pay anyone or make an online money transfer, you just have to download the app, take the receiver's unique ID, select the amount to be paid, add the unique ID of the beneficiary and send.

You also need a mobile pin to authenticate the payment after which it is done.

Also, remittances will become easy and you can also use the UPI app to pay after receiving the goods ordered online. All they need to know is the unique ID of the ecommerce firm.

(Image: Thinkstock)