UPI full form is Unified Payments Interface.
With the advent of unified payment interface India has taken a big step towards achieving a cashless economy. ATMs coming from UPI and Debit card usage is declining.
What is UPI?
UPI provides a digital payment facility. It’s a virtual smartphone Allows use as a debit card. Money transactions from UPI have become faster.
UPI provides new Technology of QR CODE. Previously you had to put money in your digital wallet to pay each other. And then you were transferring money from his digital wallet. But now UPI doesn’t have to do anything like that. UPI transfers money directly from your bank account to the other person’s bank account.
When there was no UPI before, you had to first ask for all the details of the person to whom you have to transfer money to the account of the person for digital payment i.e., online payment. As the person has his name in the bank account, all the details like bank account number IFSC CODE bank name had to be requested and you had to put it in your smartphone.
And then you could transfer money. And it took 3-4 days for the money to be transferred. But UPI no longer requires any detail. And money transfer happens not in 3-4 days but immediately.
UPI is a single platform. Which merges various banks and provides banking services and facilities. UPI transfers money through UPI ID and PIN. To transfer money from UPI just by using mobile number or UPI ID we can transfer money directly from time to time and bank to bank i.e., to the account of the opposite person.
There is no need to enter bank account, IFSC code, or any details of the bank holder’s account name. It has become very easy to transfer money from UPI. And not only that, if one has to pay the bill of restaurant, store, it has become easier with UPI. What is this UPI id and pin?
What is UPI I’d and PIN? How to change UPI pin?
UPI ID is the unique identity of a bank account. UPI ID is given by putting behind your Aadhaar card number or mobile number given in your bank account. How is UPI ID created? So, UPI ID is a mobile number like 956×××××××@paytm. Also, UPI PIN can be chosen by the account holder. UPI PIN is a 4-digit number. UPI PIN is a personal identity.
UPI PIN has to be entered before any money transfer. UPI PIN is a personal identity. UPI PIN has to be entered before any money transfer. Only then allow UPI ID to transfer money. To create an UPI PIN, you first need to send a message to the bank that has your bank account.
And from there OTP is generated and that OTP sends you to your mobile. And it allows you to create an UPI PIN by entering OTP and you can put your favorite pin. If you forgot the UPI PIN for some reason why you need to change the PIN, you can create a new PIN by going to your profile account and change PIN. And its process also you can create a new UPI PIN by entering OTP from the bank account.
Who invented UPI?
So, the invention of UPI was launched on the day of April 2016. It was discovered by the National Payment Corporation of India (NPCI). The national payments corporation of India is the specialized division of reserve bank of India which is under the jurisdiction of ministry of finance, government of India. Owner: Reserve bank of India, ministry of finance government of India.
The main purpose of UPI is real time interbank payment system. UPI is available in countries like India, Malaysia, Bhutan, Singapore, United Arab Emirates.
How does UPI work?
First download any UPI app in your phone and in it you first enter your bank account details like bank holder name, bank account, IFSC or id date of birth, Aadhar card or your id number and mobile number. Then after starting your process your message will go from your phone to your bank and from there. Generating OTP will get you OTP and it will allow you to make payment from UPI by entering OTP.
And then your UPI ID will be generated and UPI PIN will be generated. UPI ID is an identity of UPI. Which allows you to transfer money to someone’s bank account. You can enter the receiver’s UPI ID in your phone and transfer money to it. And the app has a scanner. Which is linked to the bank.
This will scan the QR CODE and get the name and detail of the bank account holder name in your phone. Then when you send the amount you want to make by writing, you have to enter the UPI PIN and then you are allowed to make the payment. Then the money is transferred from your account to his account. You can also recharge your phone from UPI, pay bills like gas bill, DTH bill and electric bill.
List of UPI Enabled Banks.
- State bank of India
- Kotak Mahindra bank
- ICICI bank
- Axis bank
- Bank of Maharashtra
- Canara bank
- Catholic Syrian bank
- Federal bank
- Karnataka bank KBL
- Punjab national bank
- South Indian bank
- United bank of India
- UCO bank
- Union bank of India
- IDBI bank
- Yes bank
- Bank of Baroda
Is UPI secure?
UPI performs transactions extremely securely. Which is not easy to tamper with. npci’s imps network handles around Rs. 8000 crore in transactions every day. UPI technology is expected to grow rapidly as well. Which is primarily a part of a digital payment.
Earlier OTP method was used in transactions, but now UPI pin is inserted instead of OTP. And now you have to enter your own code before opening any UPI application. And if you have a fingerprint feature in your phone, you can also keep your fingerprint in it for your own security.
Which applications allow the use of UPI?
UPI has many applications. And from time-to-time new applications are coming up, such as Paytm, Phonepe, Google pay, free charge, mob Kwik, Bhim, amazon pay, allowing UPI transactions in other applications. The UPI id becomes different in each application. And then allows the transaction to take place.
What is the use of BHIM UPI ID? BHIM UPI Customer Care Number
BHIM application is an Indian mobile payment application. Which has been developed by the National Payments Corporation of India. J. B.R. Launched on 30 December 2016 in Ambedkar’s name. This application is for use e-payment facility.
It is available in both Android and iOS operating systems. The app is available in 20 languages. In this app daily limit is 40000Rs. and transaction limit is 20000Rs. Is. And can do 10 transactions in a day. And there is no limit in MERCHANT transaction. Bhim upi Customer Care Number 18001201740.
What are the Benefits of UPI?
-No loss of interest
-complete privacy, no need to share your bank account details.
– just enter the VPA (Virtual Payment Address) or scan QR code.
– Available 24×7 transfer can be made anytime, weekend included.
– No need to wait, funds are transferred within seconds.
– Perfect for small or large transferred can transfer up to Rs.1 lakh at a time.
– Rewards & cashback, apps like a Amazon pay, Google pay, Phonpe and Paytm.
– Online payment becomes easy and secure.
– You can transfer money instantly, such as paying for food delivery services and shopping sites.
– Can pay online at restaurants, grocery stores and departmental stores. You can scan the QR code and pay immediately.
– We can pay rent, mobile recharge, gas bill, electric city bill, DTH bill, etc. from bill UPI.