In today’s rapidly advancing world, mobile phones are being extensively used for identification on different platforms like banking, billing and e-commerce. The world has moved one step closer to becoming a cashless economy with the launch of various mobile banking services, IMPS and UPI payment options.
Developed by the National Payments Corporation of India, Unified Payments Interface (UPI) is an instant real time payment system which regulates funds between two bank accounts using your smartphone. In comparison to online bank payment which requires you to enter the account number, account type, bank name and IFSC code, UPI allows account holders across banks to transfer money through your smartphones using the unique Adhaar identity number, mobile number and virtual payment address without entering bank account details. Let’s take a look at the key features of UPI payment:
• Simplicity
Paying and receiving funds should be made as simple as possible. The accountholder should be able to transfer funds using their smartphone with just an identifier without having any other bank account details. All that needs to be done is to click on ‘to pay’ or ‘collect from’ a payment address such as your Adhaar number, mobile number or virtual payment address.
• Security
UPI offers complete security and data protection to the account holders. UPI does not reveal too much detail on banking or other personal details which could be misused. The transactions are carried out in a highly secured environment which negates any kind of risk factor.
• Availability
UPI is real time money transfer service which means using UPI you can instantly transfer funds to other accounts. You can transfer fund using UPI 24x7 even when the banks remain closed on national holidays or Sundays.
• Cost
Since your mobile phone number serves as an authentication device, use of virtual payment addresses and third party portable authentication schemes such as Adhaar allows both the issuing party and the acquiring party cost to be cut down.
The banking sector in today’s world has witnessed a conventional development through the launch of UPIs. This instant payment utility brings several banking features under one roof by connecting multiple bank accounts with a single mobile application.
Developed by the National Payments Corporation of India, Unified Payments Interface (UPI) is an instant real time payment system which regulates funds between two bank accounts using your smartphone. In comparison to online bank payment which requires you to enter the account number, account type, bank name and IFSC code, UPI allows account holders across banks to transfer money through your smartphones using the unique Adhaar identity number, mobile number and virtual payment address without entering bank account details. Let’s take a look at the key features of UPI payment:
• Simplicity
Paying and receiving funds should be made as simple as possible. The accountholder should be able to transfer funds using their smartphone with just an identifier without having any other bank account details. All that needs to be done is to click on ‘to pay’ or ‘collect from’ a payment address such as your Adhaar number, mobile number or virtual payment address.
• Security
UPI offers complete security and data protection to the account holders. UPI does not reveal too much detail on banking or other personal details which could be misused. The transactions are carried out in a highly secured environment which negates any kind of risk factor.
• Availability
UPI is real time money transfer service which means using UPI you can instantly transfer funds to other accounts. You can transfer fund using UPI 24x7 even when the banks remain closed on national holidays or Sundays.
• Cost
Since your mobile phone number serves as an authentication device, use of virtual payment addresses and third party portable authentication schemes such as Adhaar allows both the issuing party and the acquiring party cost to be cut down.
The banking sector in today’s world has witnessed a conventional development through the launch of UPIs. This instant payment utility brings several banking features under one roof by connecting multiple bank accounts with a single mobile application.
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