UPI – Unified Payments interface is launched by NCPI, under RBI for instant inter-bank real time transactions using android apps. UPI is a step to cashless society using digital money and smartphones and it is live with 30+ banks. So Know More about it.
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UPI – Unified Payments Interface :
UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone. Its allows a customer to pay directly from bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking / wallet passwords. So know Money Transfer is so simple then before.
Benefits of UPI :
- Any Time instant Money Transfer in just a click.
- Single Mobile Application for Multiple Banks.
- Single Click 2 Factor Authentication .
- Utility Bill Payments, Barcode (Scan and Pay) based payments, Counter Payments.
- Also Share Bills with your Friends.
- Make Payment to Merchants in Single Click.
- Also Allow Scheduling PUSH and PULL Payments for various purposes.
- Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number, IFSC etc.
- Donations, Collections, Disbursements Scalable.
- Raise Complaint to Different Baks from Single App.
- It is Safe as customers only share a virtual address and provide no other sensitive information.
- You can pay all the bills, do recharges, pay utililty bills etc – Yes this can be done in any existing bank mobile app so this is not something new.
How it Works To Start UPI Service ?
- Firstly Download UPI_App from PLAYSTORE
- (Various App are available on Play Store, for More Search on Playstore)
- Then Create your Profile.
- Create Virtual id (Payment Address)
- Link Bank and Account
- Finally you are Ready to Use Unified Payment Interface Service.