Money transactions through Unified
Payment Interface (UPI) is currently the most popular mode of fund transfer.
UPI is used to transfer money from a mobile phone platform to another bank
account. This is such a concept, which allows many bank accounts to transfer
money through a single mobile phone application. UPI has been developed by the
National Payment Corporation of India (NPCI). The Reserve Bank and the Indian
Bank Association control it. UPI was launched in August 2016.
How does UPI work? To avail the benefits
of UPI, you have to create a virtual payment address. After this, you have to
link it to your bank account to UPI ID. The virtual payment address becomes
your financial address. After this, there is no need to remember your bank
account number, bank name or IFSC code etc. The payer simply processes the
payment request according to your mobile phone number and the payment arrives
in your bank account. If you have beneficiary person UPI ID (e-mail ID, mobile
number or Aadhaar number), then you can send money easily through your smartphone.
Net banking, credit or debit card will not be required for not only money but
also utility bill payment, online shopping etc. You can do all these things
with the Unified Payment Interface System.
Some special things related to UPI
- Payment through UPI system
transfers real-time funds
-To send money to someone through UPI
bank transfer, all you need is his UPI ID (a virtual identifier such as an
e-mail address, mobile number, Aadhaar number).
-You will not any need to know the
beneficiary's name, account number, bank etc. for transferring funds due to
having an UPI ID. Money transfers using the IFSC code and mobile phone number.
-UPI is developed on IMPS model. So
for this app, you can do 24 * 7 banking.
-OTP, CVV code, card number, expiry
date etc. will not be required for online shopping with UPI APP.
-Transactions can be made from
multiple bank accounts with one mobile phone application.
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