UPI or Unified Payment Interface as it stands for, is an app or a payment system launched by National Payments Corporation of India (NPCI) that allows you to transfer money between any two bank accounts using your smartphone. The things that you need to know about this relatively new banking feature are as follows:
What can you do with it?
UPI is an app that allows you, the customer, to make payments from one bank account to both online and offline merchants. It saves you from going through the hassle of giving things like IFSC codes, net banking passwords, credit card details.
How to get it?
You can download the UPI app on your smartphone from the Google Play Store. At present, about twenty banks have launched their UPI apps on the Play Store.
What do you need to start using it?
To use this new feature launched by NPCI the first thing you need is a bank account. Then all you need to do is download the app on your smartphone from the Play Store and then install it. You need to set the app login, create a virtual address, add your bank account, set the M-pin and then you are ready to use it.
Is it safe?
UPI payment is a completely safe and secure mode of transaction as it shares only a virtual address created by you and does not provide any other sensitive information.
What transactions can you make using UPI?
You can use this feature of UPI payment to perform various transactions like bill payments, remittances, and merchant payments.
What is the transaction limit?
You can make a money transfer up to Rs 1 lakh per transaction through UPI.
How to make a transaction?
The payment transaction using UPI is very simple. For the goods and services purchased online, you can make in–app payments. You just need to click on the buy option of any site or app and it will automatically trigger the link for UPI payment. Then you just need to verify the transaction details and enter a secure PIN to complete the transaction.
These are all the necessary information you need to know about UPI payment that was recently launched by the NPCI. It is a new feature in the sector of banking and making online payments in our country. It has not only made payment transactions easier but has also made it more secure and safe. You can now make UPI based payments in offline stores across the country instead of making cash payments.
What can you do with it?
UPI is an app that allows you, the customer, to make payments from one bank account to both online and offline merchants. It saves you from going through the hassle of giving things like IFSC codes, net banking passwords, credit card details.
How to get it?
You can download the UPI app on your smartphone from the Google Play Store. At present, about twenty banks have launched their UPI apps on the Play Store.
What do you need to start using it?
To use this new feature launched by NPCI the first thing you need is a bank account. Then all you need to do is download the app on your smartphone from the Play Store and then install it. You need to set the app login, create a virtual address, add your bank account, set the M-pin and then you are ready to use it.
Is it safe?
UPI payment is a completely safe and secure mode of transaction as it shares only a virtual address created by you and does not provide any other sensitive information.
What transactions can you make using UPI?
You can use this feature of UPI payment to perform various transactions like bill payments, remittances, and merchant payments.
What is the transaction limit?
You can make a money transfer up to Rs 1 lakh per transaction through UPI.
How to make a transaction?
The payment transaction using UPI is very simple. For the goods and services purchased online, you can make in–app payments. You just need to click on the buy option of any site or app and it will automatically trigger the link for UPI payment. Then you just need to verify the transaction details and enter a secure PIN to complete the transaction.
These are all the necessary information you need to know about UPI payment that was recently launched by the NPCI. It is a new feature in the sector of banking and making online payments in our country. It has not only made payment transactions easier but has also made it more secure and safe. You can now make UPI based payments in offline stores across the country instead of making cash payments.
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