Remember the old days when you had to enter the UPI address for doing any fund transfer via UPI option? There were 2 major problems in this user journey as mentioned below –
You had to remember the UPI Address/UPI ID associated with your bank account
You had to wait for the notification to arrive on the GPay / PhonePe / BHIM app creating unnecessary delay
In short, the method of adding money via UPI was cumbersome and involved juggling between different apps to complete the payment. With our latest app update, we have tried to make this process simpler by addressing the above two problems.
In the latest app update, we directly display the UPI apps available on your mobile phone in the new screen given below. All you need to do is enter the amount (less than 1 Lac for UPI) and simply click on any of the UPI apps displayed to get started with your transaction. Remember that the you can only transfer money from bank accounts registered with IIFL Securities, i.e. you have to make sure that you have configured your IIFL registered bank account in your UPI app. If you try transferring money from a different bank account, then your transfer will fail.
Post successful debit received on your GPay / PhonePe / BHIM app, you will be redirected to IIFL Markets app and money will be instantly credited in your ledger so that you can start trading. A successful transaction should only take around 10-15 seconds provided that you are transferring money from your registered bank account.
We have also kept the option to enter your UPI ID and start the transaction just in case your UPI apps linked to your registered bank account are not present on your phone from where you have logged in. With this enhancement, we are sure that your funds transfer via UPI mode should be nothing more than a bliss!