UPI - Unified Payment Interface

The much-awaited, revolutionary payment system UPI -- Unified Payment Interface, developed by the National Payment Corporation of India -- has been launched with 21 banks in India.
UPI is a unique payment solution that provides a single interface across all systems for any payment transaction, unlike the traditional NEFT/IMPS (Immediate Payment Service) transactions, where a bank account number is a must.


In a country like India where the most of the people, specifically in rural areas, are not bank-savvy, this is likely to be the best solution for cashless transactions and to promote mobile banking transactions.
Currently, the app to enable this is only for Android phones. Here are the things you should know about Unified Payments Interface:

Firstly, to initiate a payment all you need is a smartphone and your banking app installed on it. Then you have to register with your mobile number to get a unique 'virtual address', which is basically a payment identifier. The UPI app offers the facility to identify a bank customer with this email-like virtual address. You can also use a mobile number or a short name for the virtual address such as XYZ@icici or 123456789@axis


Once the unique ID has been generated you can pay bills, do recharges, and receive or transfer funds real time. This works on a single click two-2factor authentication method, which makes mobile payments easier and quicker. The UPI app also allows you to have multiple virtual addresses for multiple accounts in various banks. While making a payment, the transaction will be complete once the customer authenticates the transaction through a secure PIN.


With UPI, transactions can be as small as Rs 50 to as high as Rs 100,000 and will be done in real time without the need of the bank account or Indian Financial System Code (IFSC).


It is currently available with 21 banks, of which 19 can be downloaded from Google Play Store, which are: Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank.

IDBI Bank and RBL Bank, as the issuers, will help the customers to download the UPI-enabled Apps and link their account.

Eventually, the goal is, with the increasing usage of smartphone, to encourage mobile banking transactions and bring cashless ecosystem.

Vacation Savings Tips

Escaping from the confines of a cubicle or a classroom for a fun-filled vacation is something most people dream about. The good news is that you can enjoy your holiday without spending exorbitant amounts of money. Read on for tips on how to stretch your vacation and your budget.


Do Your Research
Think about what you'd really like to do on your vacation and create a list to narrow your choices - whether it's hitting the beach, going shopping, climbing a mountain or visiting a museum. Consider whether you can do this somewhere nearby, or whether you know anyone who has done your chosen activities before on a similar budget. Alternatively, travel agencies or even chat rooms on the topic can provide great advice on accommodations, places to dine, things to do and tourist traps to avoid. Internet sites such as Yahoo! Travel, Expedia and Priceline are often useful when seeking reasonable fares.


Look For Deals or Coupons
Peruse newspapers, magazines and websites for advertised deals (or coupons) on items like hotels, rental cars or other methods of transportation you'll be using. Major airlines also offer some good money-saving packages, and many clubs or organizations offer discounts to certain demographics such as students and senior citizens, so be sure to ask vendors what discounts are available and whether you qualify. Booking online can often save you up to 30%.


Shop Around
Don't just call the hotel and airline directly to make reservations; call them to inquire not only about price, but also to determine whether any of the travel websites enable you to plan, price and book the trip online. Many travel websites direct travelers in bulk to certain destinations, which can mean cheaper rates than you'd be able to fetch on your own. In addition, some travel organizations offer discounted rates to groups, when asked. If you don't ask, you might not be offered the discount - and don't forget to negotiate!


Pack A Lunch
Unless you've landed a great all-inclusive vacation, one of your biggest expenses when traveling is dining. Consider packing a cooler with your favorite lunch or dinner items. Alternatively, you could visit the local supermarket each day to shop for some of your meals. This can save you a lot of money over the length of your trip.


Have A "Staycation"
A great way to save money is to find a destination that you and your family can enjoy that is close to home. This way, you can avoid costly transportation such as airfare. Alternatively, you can have a "staycation", where you relax at home and enjoy the flavor of your hometown. You can then use some of your savings on a spa day or park pass.


Summer Camps
Many parents don't have the luxury of spending time with the kids all summer. Summer camps can be an affordable way to ensure your children are in a safe environment and give you some time to yourself. To save money, it is often less expensive to send kids to camp in shorter two- or three-day trips throughout the summer rather than for five or more consecutive days. Day camps that bus children to daily activities are an option that cuts the costs of food, lodging and full-time staff. Early registration can also provide discounts, and many camps also offer gift certificates - which might be an ideal birthday or holiday gift for your child or someone you know


Consider Joining AAA
If you're looking to stay or travel close to home, chances are you'll be relying on the family car. Therefore, it makes sense to ensure that the vehicle is operating properly. In addition to offering roadside assistance (for a price) if necessary, the American Automobile Association (AAA) can help you find a car, and obtain financing and automobile insurance. AAA also offers travel discounts on hotels, cruises and other travel-related items. AAA even offers lower rates at many local merchants.


Find Non-Peak Seasons
Certain destinations are in high demand during certain times of the year. As a result, traveling when everyone else wants to travel can become quite expensive as merchants hike prices during these peak seasons. If you can avoid traveling during a peak season, you can potentially cut costs by 10-50%. Another benefit of avoiding peak season is reduced competition for certain landmarks and attractions. Fewer people means smaller lineups and better photo opportunities. Time of day is another consideration. For example, a theater matinée is often cheaper than the price at night. Time of day can also affect the cost of air travel.


Consider Currency Rates
If your travel plans take you out of the country, high fees related to currency exchange can leave you with a bitter aftertaste. You can easily save a few extra dollars by conducting a pretrip investigation. The best conversion rates are generally found in the country to which you are traveling. However, don't whip our your wallet at the airport, where exchanges tend to be pricey. Instead, head for automated teller machines affiliated with major banks. Also, be sure to check your credit card company's exchange rates before you leave. You may be charged 1% for conversion as well as a 1-2% service fee. This is generally less than what you'd pay if you were exchanging cash or traveler's checks.

10 precautions to take at ATM

Here are 10 ways to ensure your safety. Because it is better safe than sorry!

1. Visit an ATM in a busy neighbourhood: Never visit an ATM in secluded spots and corners. Always make it a point to go to an ATM in a well-lit and crowded area. Since there will be people around, someone may help, if needed.


2. Visit in the busy hours: Late in the night and the wee hours of the day are convenient for thieves. Go at an hour when you see a lot of people around. If you are in dire need of cash, take someone along and be aware of your surroundings at all times.


3. Examine the machine: Sometimes, fraudsters tamper with the ATM machines. They may put fake panels on the machine. These trick you into believing that the machine is not dispensing any money. Placing spy cameras to record your PIN is a common con too. Always check the machine before using.


4. Beware of strangers: If the money get stuck and a stranger comes to help -beware! It could be a trap. Instead, call the bank’s customer service. Only the bank/ATM representatives can help you.


5. Do not leave your card unattended: If the card is stuck or the money is not dispensed, call security. Leaving the card unattended or transaction mid-way is an opportunity for thieves. Misusing your card is not difficult.


6.Protect the PIN at all costs: Do not share your PIN with anyone, not even bank officers. Your PIN is a password for your card and you shouldn’t write it down either. A four-digit number is not difficult to remember.


7. Be vigilant: Keep an eye out on the surroundings of the ATM kiosk. If you feel suspicious, postpone the transaction. If you feel someone is following you, rush towards a busy street.


8. Accept the ATM transaction receipt: Keep it to cross-check your account statements. If there is a mismatch, report it to the bank immediately. Even if you don’t need it, tear and carry the receipt with you and throw it at home.


9. Be careful at drive-thru ATMs: Keep the windows and doors locked, and engine on when using a drive-thru ATM. This eliminates the chances of someone mugging you.


10. Count later: Counting cash at the ATM is an open invite to thieves to come rob you. Once withdrawn, put the money in your bag and walk out.

This work is produced by Simplus Information Services Pvt Ltd.