The U.P.I. is the Unified Payment Interface system for sending money. Money is still being sent through NEFT, RTGS and IMPS systems. UPI is the most advanced way of doing it. This payment system has been built in such a way that ordinary people can use it easily. Following are the special things of the UPA.
In this system, the payment person simply processes the payment request according to your mobile number and the payment comes to your bank account.
What is UPI?
This is a multi-banking payments system. The Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) have launched April 11, 2016. Through the UPI System, customers can easily transact money through their mobile or smartphone. The special thing about the UPI app is that it does not require any bank details (IFSC code), just in the virtual ID of the UPI Apps it is all transactions.
If you also pay daily for the use of smartphones, then you will definitely have to wait for the UPI. Unified payment interfaces or UPI is used to transfer money from the mobile platform to another bank account. It is a concept that allows multiple bank accounts to transfer money through a mobile application. It has been produced by the National Payment Corporation of India (NPCI). Its control is in the hands of the Reserve Bank and the Indian Bank Association.
How safe is UPI?
This digital payment interface authenticates 2 ways. Only after a single click, you can make a payment. Here the pin is used instead of the one time password. Due to being the best-encrypted format, NPCI consultant Nandan Nilekani had said that this is a safe alternative to payment.
How does UPI work?
To get the service of UPI, you have to make 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 payment provider processes the payment request according to your mobile number and the payment comes to your bank account.
What are the special things about UPI?
- Fund transfer in an account with the help of IMPS (Instant Fund Transfer) It takes less time than NEFT in fund transfer.
- Due to being a digital platform, it can be used at any time, on holidays.
- A mobile application can be transitioned from many bank accounts.
- The virtual payment address given by the bank is used.
- Money transfer is done using the IFSC code and mobile number.
- An M-pin (mobile pin) is required to authorize each payment.
- The phone can be availed by dialing * 99 # without any internet connection.
- Every bank has a UPI platform, which has been developed according to the mobile operating system (Android, Windows or Apple).
- It also has a bill-sharing facility.
- Bill-payment of electricity-water is very convenient for making a payment to a shopkeeper.
- The complaint can be made only from the mobile app.