UPI app related query

UPI app related query

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Deal Cadet
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Does using Bank’s own UPI app decrease the chance of transaction failure?

Example:- SBI BHIM UPI for SBI bank account holders, Axis Pay for axis bank account holders etc.

2 Comments  |  
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Critic
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Yes & what is certain is that any refund will be processed much faster for failed upi transaction done using bank’s own upi app compared to 3rd party upi apps. In fact I don’t recommend anyone to use 3rd party upi apps for amounts above 1-2k. Another thing to note is that prefer IMPS transaction for money transfer wherever possible as failed IMPS transactions must be reversed within 24 hours or else a penalty of Rs.100/day will be levied by rbi on bank(even NEFT does not have this feature even though it too is now 24*7 just like imps).

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Deal Cadet
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That was really very informative. KG+

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