Axis Bank has created VPAs for all accounts without user intervention

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genie

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Somebody posted on Facebook that Axis bank is creating vpa for all customers and sending them message to install the app and set it up. 😀
 
Havent received any such SMS / email from Axis bank
 
coming up next. everyone who does not have an aadhaar gets one created for them automatically. next time they are in public space, someone would come and do a biometric scan to complete the process.
 
Yeah, I received a text from Axis Bank. They generated UPI ID for me in the format firstname.lastname@axisbank and texted it to me along with a link to their app.
 
would have been better if they had used accountno@axisbank. i mean they basically ate up lakhs of vpas that would never get used and blocked them from people who could have used them.
 
I was able to do transaction using HDFC UPI.
HDFC has integrated UPI into their main app (no seperate app for UPI). HDFC has published guidelines to create UPI address from their app. I was able to create UPA within 1 minute, and also able to transfer money (tested with Rs 10) to friends UPI account on ICICI within few seconds (in just 1-2 seconds we both got sms about money sent and received). It was indeed very simple and fast process.
 

yup. i actually look forward to retailers offering upi along with or in place of Paytm. remains to be seen if npci is capable of handling the load. but it is fairly simple and works well.
 
Instead on Paytm stickers, shop owners can print their UPA in large fonts and paste in their shops 😀
 
there are two things...

Before BHIM was launched, few people had even heard about UPI/VPA even though it had existed for many months. But now a lot of people have BHIM or some other app installed so this can actually work. Paytm gained because government took its own sweet time to push UPI as an option.
But the problem remains... Paytm became popular because it enabled acceptance of payments of Rs. 20,000 per month in a non-kyc account. Retailers could buy 10 sims and accept 2L per month. With UPI, there is no easy way to save tax on the funds collected.

Though I am not sure how one can convert the funds collected in Paytm as cash. There must be ways. One cannot just use them to pay for stuff alone.
 
Last edited:
Sushubh said:
remains to be seen if npci is capable of handling the load. but it is fairly simple and works well.
Click to expand...

NPCI should be able to do this easily.

As they are already handing IMPS, NACH, RuPay transactions.

Which I believe would be millions everyday.
 
I think HDFC's separate app is called Chillr....wallet with upi.

ICICI bank's is called Pockets....now they are allowing to create vpa as @icici


If you send to the vpa it will get credited to the linked bank, to load the wallet you got do it by the add funds.
 
well... that would have been the default option. people installing apps can create a new one to share with the world. just like bhim creates a default id with your phone number but you do not really have to use it.

the benefit would have been that people who you already do business with would already have your account number on record so it is easier for them to migrate to upi for payments they would generally do with cheques. upi is not just for digital payments at retail stores. it is a solid alternative for cheques as well.
 
i mean just think... you have a company with 1000 employees. and you have a deal with axis bank. instead of issuing cheques, you can just transfer funds electronically using upi by using their account numbers. with names, you have to first get a confirmation from the individual. but of course... even this is not safe assuming someone created a VPA on Axis Bank with a long random number which matches account number of someone else after this rollout by axis bank. anyhow...
 

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