United payments interface(UPI) is a method to facilitate digital payments in India. Backed by the reliable National Payment Corporation Of India, UPI is a safe and easy method to receive and send money digitally. By creating a UPI ID, inter-bank money transaction becomes possible and extremely beneficial for small businesses as well as ordinary users.
What does it mean by UPI id?
A UPI id refers to a unique name to start the money transaction. UPI id refers to Virtual Payment Address where people (sender) enters, to transfer money in your account. For a user to create a UPI id, he/she must download the UPI payment app of any financial institution and register himself. The registration page requires a user to create a UPI id that can be a phone number, name, etc.
The money transaction can be initiated just by sharing a UPI id or VPA to friends/family or business entities. It is safe and quick mode as the user doesn’t need to share an account number.
How to make a UPI payment?
UPI payment is a real-time and quick payment system between two bank accounts using a digital platform(mobile). RBI and the Indian Bank Association controls the UPI payment lending credibility. By following the simple steps given below, a user can make UPI payments:
- Step 1: Log-in to the registered UPI id on your mobile
- Step 2: Enter the beneficiary’s UPI id/VPA. Now, enter the amount and remarks.
- Step 3: Select the account for debit(for multiple accounts) and submit it.
- Step 4: Now click-on Submit
UPI payment is a safe method with two-step authentication and can be carried out throughout the day without hassle.
What are the features of UPI payments?
Important features of UPI payment are as follows:
- Reliable mode of payment
UPI payment is reliable as it is backed by NPCI. The users have better control over transactions than any other mode of money transfer.
- Quick transfer of funds
Using UPI, the funds are transferred across bank accounts instantly. It makes the entire financial transactions convenient and simple.
- No transaction limit
There is no minimum limit in transferring funds from one account to another. This feature makes UPI payment preferable among the users.
What are UPI payment apps?
The UPI apps are easy to use and can transfer/receive funds from any place and at any time. In addition to a separate section on mobile apps of different banks, an increasing number of financial institutions are launching separate UPI payment apps that include:
- BHIM UPI
- BHIM Baroda Pay
- BHIM Oriental Pay
- BHIM RBL Pay
- BHIM ALL BANK UPI
- BHIM Axis Pay
- BHIM IndusPay
- BHIM Lotza UPI
- BHIM SBI Pay
- Citi Mobile
- Google Pay (Tez)
- HSBC Simply Pay
- iMobile by ICICI Bank
- Phone-Pe
- SIB Mirror+
How to download the UPI payment app?
Following steps to follow for loading a UPI payment app:
- Step 1: Open Google Play store on mobile.
- Step 2: Select the UPI payment app to download
- Step 3: After the download, set up your account by linking a bank account to the app.
- Step 4: Provide a registered mobile number linked to the bank account and create VPA
- Step 5: Now, link VPA with a bank account and generate UPI Pin(4-digit number).
- Step 6: The app is ready to use now.
The UPI app can be loaded on both the Android and iOS run devices.
Conclusion
UPI has transformed the way to make digital payments. The popularity of UPI apps has increased the launching of new apps. One reason being the simple user interface and interoperability. Any person can create a UPI id and start sending/receiving money instantly.
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