UPI Introduction and How Does Work

UPI Introduction and How Does Work

UPI Introduction : Nowadays, whenever we go to make an online payment, a new name appears in the option. Even we have started to prefer payment in different ways these days.

People also need easy ways to pay with credit and debit cards, so people want such a way that we can make a payment in seconds.
What is UPI? And what is an UPI address.

We already have several payment methods. Ever since internet banking started, people have been able to transfer money from online internet banking to their friends or relatives sitting at home.

If we talk about how we can make cashless payments, then there are many ways that you often already know. In which apart from Debit Card / Credit Card, the main mobile wallets we use to make online payments are Internet Banking, Paytm, PhonePe, Mobikwick, Freecharge.

However, there are still many people who do not know that there is an easier way than mobile wallet in which we can make transactions in a very short time. Till recently we used to do money transactions in limited time but now with this facility which is called UPI it can be done 24*7.

So let us know what UPI is and how it works without delay.

UPI Introduction

UPI Introduction

It is also known as NPCI.
ATMs of all banks are not everywhere and in such a situation suppose we are withdrawing money from SBI ATM with ICICI debit card.

Therefore, this department also oversees transactions between one bank’s ATM and another bank’s ATM.

We can transfer money very easily using UPI. We can make any payment using this, for example if you have made purchases online, you can also pay them through UPI.

Apart from this you also use to book movie tickets, OLA Uber ride, bus tickets, air tickets, electricity bill payment, mobile wallet recharge, mobile recharge, DTH recharge.

UPI is currently used by very few people, the main reason being that not everyone is fully aware of it. This post of ours provides you with information about UPI in a very simple way so that you too can comfortably do your payment related work using this service.

Ever since online banking came along, people didn’t have to go to the bank and stand in line, it made people’s lives a little easier. Since online shopping started, new payment options have also been invented.

UPI Introduction

Debit card and credit card payment method is still very widespread, but people still want to have to enter a code afterwards and the transaction should be done easily.

Recently, there have been some big changes in our country’s economy. In which demonetization was a very important step taken by the Prime Minister of India. After that, whoever kept the notes to avoid the black money tax, their evening went away.

Those who used to steal income tax and keep money hidden in the house, their minds remained in the country.

To overcome these problems, our Prime Minister advised the countrymen that we all must work together to make the entire country a cashless economy.

A cashless economy means that instead of using the money we buy, all payments should be made online.

To create a Digital and Cashless India, it is firstly necessary that every Indian should have his own bank account and it is also necessary that everyone should know how to use the Internet.

How does UPI work ?

UPI works only on IMPS. Transfers in IMPS (Instant Payment System) are instant and better than NEFT.

Online transaction with NEFT takes a lot of time and also it cannot be done 24*7. But IMPS is better in all these cases because transactions can be done in it anytime be it Sunday or any holiday.

UPI Introduction

Now if you want to transfer money to someone’s bank account then all details are required for his bank account number, account type, IFSC code, branch name.

Even after getting them, adding a new account by entering the mobile phone seems to be a difficult task. Even after adding, you have to wait a few hours to transfer the new payee account.

This is where UPI takes the lead. UPI is such an interface with which people of any bank account can send and receive money from their smartphone to others just by using their aadhaar number, mobile number and VPA.

You only need UPI ID to transfer money from UPI. You only need to fill the money as much as you need to transfer.

As soon as you transfer money, other people’s accounts will be added immediately.

Money can be sent without knowing to which bank account it is being sent using UPI and the name of the account holder.

Overall, if you have a UPI ID, you can transfer money simultaneously without any details and it is a very secure method.

The UPI money transfer limit has also been maintained, i.e. you can send 100,000 rupees per transaction. And for that you also have to pay a fee which is 50 paise. If you can see, this is a very small amount to send money quickly.

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