Are you in a pickle thinking about how you are going to transfer funds on a public holiday? And how many times has it happened that you left home for a trip with friends and forgot the wallet at home? Don’t worry as UPI is here to save you in such situations from now onwards. With UPI, you can do any transaction with a few taps on your smartphone anywhere, anytime. There is no need for carrying any cash or waiting in the long queues at banks either to conduct an important transaction. UPI (Unified Payments Interface) is a payment system developed by NPCI (National payments Corporation of India) for conducting instant money transfers between two accounts that may belong to the same bank or two different ones. While the advantages of a quick and cashless transaction are evident, there are some other benefits that you may not be aware of. Take a look-
1. In online transaction through debit/credit cards we have to give out details like card number, CVV number, etc. Similarly in net banking you need to give bank account details. But for UPI payments, you only need the beneficiary's Virtual Payment Address (VPA), which is usually in form of xyz@bankname. Thus, it helps protect your bank details by not exposing them unnecessarily and also saves your time as you don't have to enter the account number, IFSC number, MICR number and other such details for each transaction.
2. If you have multiple accounts in different banks, you need not install an UPI app for each of them. You can link multiple accounts to one UPI app and can use it to make UPI payments through the account of your choice.
3. You can schedule payment reminders through UPI. When you want to collect money from someone at a later date, you can set a time limit for the other UPI user to authorize payment. If the other user exceeds the time limit you can also send reminders to them for authorizing the payment. When the other user authorizes the transaction, the transfer will occur instantly.
4. Usually, when you register for online transaction systems such as net banking, you have to wait for a period varying from 30 minutes to 24 hours before you can conduct any transaction. For UPI there is no such waiting period and you can start transferring funds immediately after registration itself.
5. While ATM withdrawals for more than 5 times a month have charges around Rs.20, in UPI payments no such charges are deducted. UPI is also comparatively cheaper than NEFT and RTGS.
The benefits mentioned above make UPI the preferred mode of bank transactions for many. If you want to make hassle-free and cheap transactions round the clock at from possibly anywhere, then UPI is just what you need. So, if you are not using UPI already, start now!
1. In online transaction through debit/credit cards we have to give out details like card number, CVV number, etc. Similarly in net banking you need to give bank account details. But for UPI payments, you only need the beneficiary's Virtual Payment Address (VPA), which is usually in form of xyz@bankname. Thus, it helps protect your bank details by not exposing them unnecessarily and also saves your time as you don't have to enter the account number, IFSC number, MICR number and other such details for each transaction.
2. If you have multiple accounts in different banks, you need not install an UPI app for each of them. You can link multiple accounts to one UPI app and can use it to make UPI payments through the account of your choice.
3. You can schedule payment reminders through UPI. When you want to collect money from someone at a later date, you can set a time limit for the other UPI user to authorize payment. If the other user exceeds the time limit you can also send reminders to them for authorizing the payment. When the other user authorizes the transaction, the transfer will occur instantly.
4. Usually, when you register for online transaction systems such as net banking, you have to wait for a period varying from 30 minutes to 24 hours before you can conduct any transaction. For UPI there is no such waiting period and you can start transferring funds immediately after registration itself.
5. While ATM withdrawals for more than 5 times a month have charges around Rs.20, in UPI payments no such charges are deducted. UPI is also comparatively cheaper than NEFT and RTGS.
The benefits mentioned above make UPI the preferred mode of bank transactions for many. If you want to make hassle-free and cheap transactions round the clock at from possibly anywhere, then UPI is just what you need. So, if you are not using UPI already, start now!
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