What are the Key Features of Digibank UPI App?
UPI is the instant payment system developed by NPCI. You can transfer funds from one account to another account with Virtual Payment Address (VPA) without knowing or disclosing the account numbers. After launching UPI there are several payment apps which have integrated an UPI system. One of the App is Digibank UPI. In this ariticle, we would provide key feature of Digibank UPI and compare some of its unique features with one of its competor.
More about Unified Payment Interface(UPI)'s in India
There are several Unified Payment Interface (UPI) apps now in India. Most banks like SBI, ICICI Bank, HDFC Bank, Axis Bank. Yes Bank etc., are offering the UPI as part of their mobile app features. While some of the banks are just offering UPI for making payments to VPA, some are offering additional benefits like cash back, special discounts etc. to attract customers. digibank, India’s first “digital only bank” (part of Singapore leading bank DBS) has launched the UPI which has some unique features.
What is digibank?
digibank is India’s first ‘digital only bank’ where you can open savings account with them, without visiting any branch in a completely paperless process.
Key features of digibank UPI
UPI on digibank enables you to manage all your bank accounts from one single app, you can send and receive money using a virtual payment address (VPA – yourname@dbs) without any other account information. There is no need to disclose or remember account details, passwords etc.
- You can make payment or receive payment using UPI on digibank.
- You can link all your non-DBS accounts and manage them using digibank. You don’t need to use multiple bank apps to view the transactions. You can also check balances of other linked bank accounts on digibank UPI.
- You can download the digibank App from Google App store here or from Iphone Store here and register to make or receive payments.
- There are no charges to send money using digibank UPI.
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You can transfer money from
- linked bank accounts to digiSavings using UPI
- digisavings to 3rd party accounts in other banks
- linked a/c in other bank to 3rd party a/c in other bank using digibank UPI
How does this compare with any other competitor?
Let us quickly compare few features of digibank App with ICICI Bank Pockets App.
Make and receive payments: Both offer payments to any other account using UPI.
Interface: ICICI Bank Pockets App has too many icons and features which confuses the customers. On other hand digiSavings has a clean, easy to use interface.
Segregation of expenses: With Artificial Intelligence and machine learning, the digibank app can track your expenses and let you segregate based on food, transport, shopping, cabs and more. No such options in ICICI Bank Pockets App which has UPI feature.
Account Opening: For digibank, one can open new account with paperless process. However, for ICICIBank, to open new account, still one need to go and submit documents to open the account to use ICICI Pocket App for UPI features.
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Suresh
What are the Key Features of Digibank UPI App
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Can we transfer Post office PPF account contribution without opening IPPB account?
If yes, how much in one transaction. Maximum amount o be transferred to PPF account is 1.5 lacs.
In how many family PPF accounts fund can be transferred in one day?
as per my knowledge you cannot transfer directly to PPF account. You first need to transfer to Post office SB account and then you can transfer it to PPF account
As per my findings user can not use UPI features of DBS app if user doesn't have an account in DBS bank. This does violates rules of NPCI which support openness for UPI as you can use Axis, SBI and any other bank's UPI app to link your any bank account right? Why in DBS, UPI has been locked for the DBS bank account holders only?
Dear Sureshji
Hows inflation calculated by RBI
Why cannot RBI create app for inflation release it in public domain & collect info from across country real time
Whats basis for CPI
regards
Upendra
Dear Sureshji
Hows inflation calculated by RBI
Why cannot RBI create app for inflation release it in public domain & collect info from across country real time
Whats basis for CPI
regards
Upendra