UNIFIED PAYMENTS INTERFACE (UPI): FASTER WAY TO TRANSFER MONEY

WHAT IS UPI? 

 UNIFIED PAYMENTS INTERFACE IS A SYSTEM IN INDIA WHERE PEOPLE CAN SHARE MONEY BANK TO BANK FROM ANY TIME ANYWHERE AT ANY SITUATION.

HISTORY OF UPI:

IN TODAY'S GENERATION WE SIMPLY WANT TO DO ANY WORK FROM HOME EVEN A SIMPLE MONEY TRANSFER. BEFORE THAT IF WANT TO  DO ANY MONEY TRANSFER WE HAVE TO GO TO BANK AND  LINE UP FOR A HOUR OR TWO. SO, FOR OUR HELP NATIONAL PAYMENT CORPORATION OF INDIA(NPCI) COLLABORATE WITH RESERVE BANK OF INDIA AND LAUNCHED A SYSTEM UNIFIED PAYMENTS INTERFACE(UPI) IN APRIL 11 2016.

USES OF UPI:

UPI CAN BE USE FOR TRANSFERRING MONEY FROM ONE BANK ACCOUNT TO ANOTHER. IT IS QUITE FAST THAN NEFT. BY UPI YOU CAN TRANSFER PAY A SHOP RECHARGE A MOBILE PAY ELECTRICITY BILL AT ANYTIME EVEN ITS A HOLIDAY OR RAINYDAY.

HOW WORKING?

TO USE OF UPI  YOU HAVE TO CREATE YOUR OWN UPI ID (VPA).  FOR THAT YOU HAVE TO TAKE HELP OF SOME APPLICATION WHICH IS TOTALLY FREE OF COST.

UPI SUPPORTING SOME APPLICATIONS:

• GOOGLE PAY
• PHONE PAY
• AMAZON PAY
• AIRTEL PAY
• FREECHARGE
• PAYTM
• MOBIKWIK

 

UPI PIN:

UPI PIN  IS BASICALLY 4 DIGIT OR 6 DIGIT (ACCORDING TO YOUR BANK) WHICH IS USED WHEN YOU TRANSACTION IS UNDER PROGRESS. TO SET YOUR UPI PIN YOU HAVE TO FIRSTLY ADD YOUR BANK ACCOUNT TO THE AFFORSAID APPLICATIONS. AND SET YOUR UPI PIN AS PER THE APPLICATION. 

TRANSACTION LIMIT:

UPI TRANSACTION LIMIT IS 1 LAKH PER TRANSACTION. THIS LIMIT HAS BEEN BY NPCI.  THE  RBI REGULATED ENTITY THAT BUILT UPI.  THAT CAN BE TRANSFERRED VIA UPI.

SOME UPI ACCEPTABLE BANKS:

• STATE BANK OF INDIA
• ICICI BANK
• UCO BANK
• PAYTM PAYMENTS BANK
• AIRTEL PAYMENTS BANK
  
• UNITED BANK OF INDIA
• BANK OF INDIA
• HDFC BANK
• AXIS BANK
• YES BANK
• BANK OF BARODA
• UNION BANK OF INDIA

UPI SECURITY:

UPI IS A VERY SECURE SYSTEM. IN UPI , USER'S BANK ID USED AS A WALLET WHERE USER'S MONEY CAN BE STORED AND WHEN WANT TO TRANSFER SOMEONE THEY CAN BY FINGERTIPS.

 

WHEN TO START UPI?

YOU SHOULD START UPI BY TODAY OR NOW. TO START UPI PAYMENTS YOU SHOULD DOWNLOAD GOOGLE PAY, PHONEPE, OR THE AFFORSAID APPLICATIONS OR YOU FIND MANY SIMILAR APPLICATIONS FROM GOOGLE PLAYSTORE.

            THIS IS A SMALL INFORMOTION ABOUT UPI.HERE WE DICUSSED 

• WHAT IS UPI? 
• HISTORY OF UPI:
• USES OF UPI:
• HOW WORKING?
• UPI PIN:
• TRANSACTION LIMIT:.
• SOME UPI ACCEPTABLE BANKS:
• UPI SECURITY:
• WHEN TO START UPI?

FOR MORE INFORMATION PLEASE CONTACT US