22 DEC 2016
UPI – Another feather in the cap of Edelweiss Tokio Life
Edelweiss Tokio life has always been a customer-centric organization, constantly trying to ease the servicing and buying process for the customer. As a continuation of this philosophy, Edelweiss Tokio Life has included UPI as one of the modes for accepting payments.
UPI or Unified Payment Interface is a platform for all bank account holders where they can transfer money using Virtual Payment Addresses (VPA's) through their smartphones. This payment can be made with just 2-factor identification. In other words, there is no need to pre-register a payee like in NEFT or fill in the bank account, IFSC details like in IMPS or credit/debit card details for card-based transaction. Also, there is no need to remember user id and password for the money transfer.
How can you pay on the Edelweiss Tokio Life website using UPI as a payment mode?
On the website, when you reach the payments page, you will see an option saying 'pay using UPI'. You will input your VPA in the space provide. As soon as you click proceed, you will get an authentication message on your app. You input your M-Pin and click submit. The money gets automatically debited from your account and is transferred to Edelweiss Tokio Life. You can do this for new policies (online) or even renewal payments.
Want to know how UPI works? Check this out!
How does UPI function?
Let's take an example. You have an account in a UPI-enabled bank. You open a VPA through an app that is downloadable from Google playstore. Following the instruction, you link all your accounts in that bank to this VPA. Using this VPA, you can now make payments to merchants or banks which also have a UPI enabled interface.
What is a VPA?
A VPA or Virtual Payment Address is a mail id kind of virtual address which is linked to your bank account. So, all the transactions that you make in terms of payments and receipts directly enters your bank accounts through this VPA. So, to give you a simple example; if you send a mail to a particular mail id, the contents of the mail reach that particular mail id. Similarly, if you transfer money to a particular VPA, the money reaches that particular VPA.
How can you make payments to merchants?
Using their VPA's, you can make payments to these merchants through your individual VPA. So, for example, if you go to a shop and buy a mobile, you can pay to the merchant using your UPI if the merchant also has a VPA.
What is two factor authentication?
To authenticate the transaction, you just need two pieces of information with you. One is the correct VPA and the other is the M-Pin. You will be only asked for your M-Pin when making these transactions.
Can such transactions, once effected, be reversed?
No. these transactions are irreversible. You cannot put even a stop payment request for such transactions.
What happens if my account is debited but the transaction does not go through?
UPI provides for real time reversals for technical declines and amount would be transferred back to the payer account immediately.
Edelweiss Tokio Life has always aimed at leveraging technology to differentiate its service offerings and thus offer greater convenience to its customers.
This is just one more example of how we as a customer-centric organization are striving towards making life simpler for our customers.
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