Download and install SBI Pay UPI App | Pay and Collect Money Online

State Bank of India has finally entered the UPI world with official app SBI Pay. Here in this article you will get complete step by step tutorials on how to install SBI Pay, how to create account, how to get Virtual Payment Address, how to transfer money using SBI Pay, SBI Pay for Android, OS and Windows and many other related things. State Bank of India is India's largest bank in terms of branches and active customers. After demonetization process was active in country, many experts were hinting/waiting towards SBI coming up with UPI system for promoting cashless economy. State Bank of India UPI is surely going to be a big thing in coming days (if executed properly). SBI UPI launch dates are already over and it is rolled out as first phase. SBI UPI App download is now available on Google Play Store, iOS App Store (not launched yet) and Windows Store, we will share the links for same here.

What is UPI and its benefits

UPI stands for Unified Payment Interface and is a payment system that allows fund transfer between two accounts with easiest and quickest method ever possible. It works with mobile platform and unlike traditional IMPS and NEFT it do not require bank account details of recipient. Making transactions through UPI app is as simple like sending normal message or having Whatsapp conversation. You do not need any kind of bank details while transacting through any of the banks UPI app.

Coming to the benefits that it has over traditional cash transfer methods then they can be categorized as below:
  • Immediate money transfer
  • No restrictions in terms of time, bank holidays or bank strikes even
  • Money transfer to any bank account (that bank must have adopted UPI process) with sungle UPI account
  • Instant money transfer, no need to add payee and wait for some specific time kind of things
  • Can be used with bill payment and cash on delivery options as well
These are some of the advantages that put UPI ahead of traditional money transfer methods like IMPS or NEFT.

SBI Pay: UPI App for State Bank of India

UPI is not a new term in Indian banking sector. It was firstly launched during August 2016 when 23 banks joined the initiative and became part of UPI movement. At that time SBI, BoB and HDFC bank did not participate in the movement and stayed clear from UPI. After few months only it seems like they have recognized the need of the hour and have included UPI as part of their core banking solutions (HDFC UPI App is already launched now).

SBI Pay on Google Android Play Store

You can download and install the SBI Pay app for Android from Play Store directly. Visit the store and search for "SBI Pay". Download the one that is listed by State Bank of India under Finance category. You can alternatively use this link to download it directly from the Play Store.

SBI Pay for iOS App Store (for Apple users)

SBI Pay UPI App for Apple iOS users will be available through App Store only. As of now it is not listed on App Store because of limitations from NPCI but once the restrictions are removed we will share the details over here.

SBI Pay for Windows Store

We will share the details soon.

How to register online with SBI Pay UPI Application

Please follow below steps to register and create new account wtih SBI Pay:

  1. Download the SBP Pay UPI App from respective PlayStore
  2. Register with your original mobile number there. Please enter your genuine mobile number as you will receive OTP there and also make sure to have some balance in your mobile as you will have to send confirmation message from it
  3. Next step is about creating SBI UPI VPA VPA is Virtual Payment Address that is one of the most important thing in entire process
    SBI Pay Registartion Form
    SBI Pay Registration Form
  4. You will have to link bank account number to the VPA. It will have 2 parts, first is your desired user name and second will be the suffix (@SBI) like we have in case of Gmail registration
  5. Put other details like First Name, Last Name, email address and setup the security question answers
  6. Choose the bank account in the next step and hit the "Register" button
This is how your can register yourself with SBI Pay application. Next steps will be about setting up the MPIN and learning the process of transferring and accepting money through SBI UPI.

How to set MPIN in State Bank of India Pay UPI App

MPIN is required while sending and accepting payments through Unified Payment Interface system. You can setup MPIN in your UPI account by following below steps:

  • Login to the Pay App and visit account management section
  • You will see below page there 
    SBI MPIN Setting
    SBI MPIN Setting
  • Visit the MPIN option
  • In order to validate the account, you will need to enter last 6 digits of your debit card and expiry date
  • Secret PIN will be sent to your registered mobile number (OTP). Enter it to validate your identity
  • Once done you can setup and change existing MPIN

How to transfer/send money through SBI Pay UPI Application

Sending and receiving money through this new UPI system is really easy and quick. Follow below simple steps to transfer money anytime to other UPI account with any other bank.

  1. Open the Pay app (use the credentials that you have setup during the registration process)
  2. Visit the "Pay" section
  3. You will see various accounts that you have added (VPAs) that you have added or have transferred money to anytime before
  4. You can choose VPA account or normal bank account both. In case you are selecting the bank account then you need to enter IFSC and account number like usual transfer options
  5. Hit the Pay button and enter your MPIN in next tab
This is how you can transfer money to any other UPI account from SBI Pay.

How to collect money using SBI Pay App

Collecting or receiving money is too a simple task. Like PayPal, you can generate invoice (in terms of money) of amount that you want to collect from your friend or other UPI user. Follow below steps to collect money through SBI UPI gateway:

  • Open the app and visit "Collect" tab
  • Choose the account or VPA of the person you want the money from
  • You can enter the VPA of the person you want to collect money from
  • Enter remarks and amount that you want to receive and hit the "initiate request" option
While initiating the collection request, you can enter the expiration limit after which the request will be nullified.

Can SBI Pay UPI App be used for making payments to Online Shopping?

Yes it can be very well used with any online shopping sites. Follow below steps to use SBI Pay for online shopping:

  • On the payment page, select the "UPI Payment" option
  • Enter your VPA in the box provided next
  • Online shopping store will generate payment request of concerned amount to your VPA
  • Once the delivery is one (sort of cash on delivery type thing) you can approve the invoice request. Delivery boy will get the confirmation whether you have approved the invoice or not
This is how SBI Pay can be used with all online shopping stores. Till now many other banks like PNB, HDFC, ICICI, BoB, Canara etc have come up with their own UPI Apps. We will soon update you with their use and functionalities as well.