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State Bank of India country’s largest bank has finally joined UPI bandwagon with launch of it’s UPI app called SBI PAY. UPI was announced by NPCI (National Payments Corporation of India) on 25th august 2016 with subsequent android app launch by many banks.

UPI is next version of IMPS payment service where fund are transferred to a virtual address(email type) like “abcxyz@SBI”. This virtual address is registered by user when first registering on mobile app. Here instead of giving payee his mobile no and code just virtual address is needed where a payment can be sent. Payment is credit instantly to bank account(default) linked with virtual address. You can add more than one account linked with same mobile number.

Best thing is you can use any bank app with any others bank account. Also no charge prescribed by NPCI and total of Rs.1 lac can be transferred in a day with max limit of 20 transactions.

Only android app is available for UPI as NPCI is yet to launch guidelines for ios app.