What is UPI Payment and How to Use It?
If you also pay for the daily use of the smartphone, then you must have had a connection with UPI (Unified Payment Interface or) is used to transfer money from a mobile platform to another bank account We will be explained What is UPI Payment and How to Use It in this article.
This is such a concept, which allows many bank accounts to transfer money through a mobile application to another Mobile application. It has been developed by the National Payment Corporation of India (NPCI). Its control is in the hands of Reserve Bank of India and Indian Bank Association.
What are the special features of UPI?
The UPI is a feature for Fund transfer to an account with the help of IMPS (Instant Fund Transfer). This takes less time than NEFT in fund transfer.
* Being a digital platform, it can be used at any time, even on holidays.
* Transactions can be made from multiple bank accounts with one mobile application.
* The virtual payment address given by the bank is used.
* Money is transferred using IFSC code or registered mobile number.
* M-PIN (Mobile PIN) is required to authorize every payment.
* Service can also be availed by dialing * 99 # in a phone without an internet connection.
* Every bank has a UPI platform, which has been developed according to the operating system of mobile (Android, Windows or Apple).
* There is also a bill sharing facility.
* Electricity-water bill payment, payment to a shopkeeper, etc. is very convenient.
* Complaint can be made from the mobile app itself.
How safe is UPI?
This interface of digital payment performs 2 types of authentication. Only after this, you can pay someone with a single click. Here PIN is used instead of a one-time password. This is called UPI pin
You all must have heard about UPI Payment somewhere. There will be many of you who are also using UPI Payment. The Government of India started UPI Payment to establish a Cashless Economy. Many programs like UPI Payment are being run by the government to promote online transactions and move the country towards Digital India. The cashback offer is also provided by the central government and online payments application like PayTM, Google Pay, Phone Pay, etc on using UPI payment. So that more and more people move towards online digital payment.
NPCI consultant “Nandan Nilekani” had said that it is a safe payment option due to its excellent encrypted format.
How does UPI work?
To avail UPI, you have to create a virtual payment address. After this, you have to link it to your bank account. The virtual payment address becomes your financial address. After this, there is no need to remember your bank account number, bank name or IFSC code, etc.
The payer simply processes the payment request according to your mobile number and the payment arrives in your bank account.
Nowadays, in almost all the payment systems, you will definitely get the option of UPI Payment. UPI Payment is a very secure option and by doing UPI payment transactions, your bank details or ATM or credit card details are not shared with anyone. Due to which it is capable of very secure transactions.
What is UPI Payment? How can you make a UPI payment? What is UPI Pin, what is UPI Pin, what is Bhima Upi, how to make UPI Pin, and what things you will need for this? To get answers to all these questions, you have to read this article till the last. We are providing you complete information here.
What was the need for UPI Payment?
Recently, the Prime Minister of India, Shri Narendra Modi, took strict steps against corruption and closed 1000 and 500 old notes in the country. The largest share of India’s economy was 500 and 1000 notes. Now, it is obvious that the common citizens will have some trouble due to the currency ban. With this, it became the most troublesome thing for people involved in corruption. But there is no problem for the common citizens, so a very secure payment option was arranged by the central government for the citizens of the country.
UPI Payment was established to promote a cashless economy and online transactions. The full name of UPI is the Unified Payments Interface. With the help of which you can make any payment from your bank account anytime, anywhere. Also, you can easily send money to any person’s bank account. Transactions done using UPI Payment are quite secure. Also, a cashback offer is also provided by the government to the citizens using UPI to set up a cashless economy. From time to time, you get some cashback in different types of transactions.
How to use UPI Payment App?
Using the UPI Payment App is quite easy. You can make UPI payments using general information. To use UPI Payment, it is not necessary that you use the UPI app only. Nowadays almost all wallets like – Paytm, Google Tej, Phone Pay, and Bhim, along with this, UPI is also inbuilt in all types of banking bank’s app.
You can setup UPI Payment using any app. According to me, you should use UPI through the Google Pay app. Because using UPI through Google Pay is very easy. And also very secure. Along with this, from time to time, you also get cashback offers for doing various transactions. You can read the complete information about setting up step by step UPI ID by clicking here.
How UPI works?
UPI Payment works on the basis of IMPS. It can also be used through other net banking apps and service is available 24 * 7 for you. That is, you can use it any day. Then even if it is a holiday. You can easily transact money through UPI. Now this question must be coming in your mind. That you can use IMPS using other net banking apps or also through net banking. Then what will be the benefit of using UPI? How do you benefit from using UPI by using it? Or you can understand from the example given below
How is UPI different from other IMPS apps or net banking?
Suppose a friend or relative suddenly needs money and you have to send money to that friend as soon as possible. Now to send money if you send via IMPS in internet banking or any other apps. So first you have to log in to that app or internet banking by entering login ID and password. After that, you will have to add that person to the beneficiary. To whom you want to send money.
To add to the beneficiary, you will need all the bank details such as account number, IFSC code, branch name, the name with which the account is opened, etc. After filling all these details, when you add to the Beneficiary. So verifying the bank will also take some time.
But if you send money to anyone through UPI. So you can send money in less than 1 minute. You do not need any kind of banking details to send money through UPI. All you have to get the UPI ID of the person in front. And you can send money immediately to that ID. In this, you do not need to add any type of bank details simply you can generate UPI Id through your registered mobile number to entering any UPI app.
What is the limit to send money from UPI?
The Government of India has also fixed the limit for sending money through UPI. You cannot send more than ₹ 100000 money in one transaction. To send more than one lakh rupees, you have to send money through many transactions.
Which banks have the facility of UPI?
The facility of UPI is available in almost all nationalized banks in India. The list of UPI enabled banks is as follows –
Bank Of Maharashtra
Catholic Syrian Bank
Union Bank Of India
United Bank Of India
Punjab National Bank
Oriental Bank Of Commerce
South Indian Bank
State Bank Of India
Standard Chartered Bank India
Kotak Mahindra Bank
Benefits of using UPI Payment?
There are many benefits to using the UPI Payment App. Here are some benefits that we are giving you –
The biggest advantage of using the UPI app is this. That you are not charged for the transaction. You can transfer any amount of money without any charge with UPI and, you can transfer money in real-time.
You can use UPI any day. Then even if it is a day off.
You do not need bank details or personal information of the payment receiver.
UPI is quite secure and to use it, you do not have to share your bank information with anyone. This does not prevent the possibility of hacking.
Clients can also send their bills through UPI. You can also pay.
You can add multiple banks in the same UPI app. This does not require you to install different apps from different banks.
What is UPI Payment?
The full form of UPI is the Unified Payments Interface and it transfers money in real-time. This app has been created by NPCI and here is the payment based on IMPS.
Which app should use UPI?
You get the convenience of UPI in many types. You can use UPI in any app as per your convenience. You can use UPI through Paytm, Bhim App, Phone Pay, Google Tej, Amazone Pay, etc.
If a user’s UPI transaction fails. And money is deducted from money from his bank account. So what should do?
If money is deducted from a user’s bank account. But its transaction fails. So in such a situation, the money is deposited back in his bank account within 1 hour. If the money is not credited back within 1 hour. So the user should contact customer care.
BHIM UPI Helping Number (Click Here)
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