Slowly but steadily, we are all shifting base to the online world to fulfill all our daily needs. The world has gone digital and so has the banking sector in India and rightly so. With the Government's Digital India campaign working wonders in terms of the digitization of various public services, more and more people are embracing online banking by virtue of its sheer convenience and security.
In a bid to give the goal of turning India into a cashless economy a further impetus, the NPCI (National Payments Corporation of India) has introduced UPI (Unified Payments Interface). Introduced in April, 2016, UPI is a real-time instant payment system that is set to revolutionize banking in India. Here is a list of the features of UPI that you must know about.
Convenience of Account-to-Account Transaction
This is the most unique and the best feature of UPI that has got millions of Indians waking up to its genius. UPI is the first payment system that lets you transfer funds directly between bank accounts. All you need is the recipient's account number and IFSC code, or his/her system-allotted virtual payment address, to transfer funds directly to that account instantly. With mobile wallets, you have to first load cash from your linked bank account into the wallet and then use it to pay for some service that you avail. But with UPI payment, you can access your bank account directly and make a payment from it without involving a third party. You, as a tech-savvy digital user, are always on the lookout for ways to reduce effort. And UPI allows you to do just that by letting you fulfill your banking needs in a lesser number of steps.
Safe and Secure
UPI is a highly-encrypted system that is based on 2 Factor-authentication. UPI payment is an easy-to-use single click payment system where the system allots each user a unique MPIN (like an OTP). One can access your bank account from the UPI app only after submitting the MPIN. So, it is a highly secure payment system and its safety is one of the many reasons why UPI payment has seen growth by a huge margin of almost 6000% in the fiscal year of 2017.
Round-the-Clock Service
Unlike brick and mortar banks, UPI payment services are available 24×7. So, you can access your bank account whenever and wherever you need through any one of the UPI apps available to make instant transaction.
Interoperability
A huge advantage of the UPI payment system is the interoperability provided by the different apps. There are a number of good UPI apps available in the country- be it the Government-regulated BHIM, the Flipkart-owned PhonePe or the UPI apps of the banks like SBI, HDFC Bank or Axis Bank. You can use one app to manage multiple bank accounts or to transfer funds between different accounts, irrespective of the bank in which you have your accounts.
In a bid to give the goal of turning India into a cashless economy a further impetus, the NPCI (National Payments Corporation of India) has introduced UPI (Unified Payments Interface). Introduced in April, 2016, UPI is a real-time instant payment system that is set to revolutionize banking in India. Here is a list of the features of UPI that you must know about.
Convenience of Account-to-Account Transaction
This is the most unique and the best feature of UPI that has got millions of Indians waking up to its genius. UPI is the first payment system that lets you transfer funds directly between bank accounts. All you need is the recipient's account number and IFSC code, or his/her system-allotted virtual payment address, to transfer funds directly to that account instantly. With mobile wallets, you have to first load cash from your linked bank account into the wallet and then use it to pay for some service that you avail. But with UPI payment, you can access your bank account directly and make a payment from it without involving a third party. You, as a tech-savvy digital user, are always on the lookout for ways to reduce effort. And UPI allows you to do just that by letting you fulfill your banking needs in a lesser number of steps.
Safe and Secure
UPI is a highly-encrypted system that is based on 2 Factor-authentication. UPI payment is an easy-to-use single click payment system where the system allots each user a unique MPIN (like an OTP). One can access your bank account from the UPI app only after submitting the MPIN. So, it is a highly secure payment system and its safety is one of the many reasons why UPI payment has seen growth by a huge margin of almost 6000% in the fiscal year of 2017.
Round-the-Clock Service
Unlike brick and mortar banks, UPI payment services are available 24×7. So, you can access your bank account whenever and wherever you need through any one of the UPI apps available to make instant transaction.
Interoperability
A huge advantage of the UPI payment system is the interoperability provided by the different apps. There are a number of good UPI apps available in the country- be it the Government-regulated BHIM, the Flipkart-owned PhonePe or the UPI apps of the banks like SBI, HDFC Bank or Axis Bank. You can use one app to manage multiple bank accounts or to transfer funds between different accounts, irrespective of the bank in which you have your accounts.
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