Friday, 9 December 2016

All About Unified Payment Interface - UPI

Unified Payment Interface - UPI 
What is UPI? 
How UPI Works?
Benefits Of UPI?
UPI Apps?
And Many More Question I have heard in this week.. So Today I am going to solve your each and every questions/queries in this Post...
So Let's get Started..

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- What is UPI? -

UPI stands for Unified Payment Interface, UPI is the system which can allow you to send money between bank accounts in seconds.. Yes you can transfer money from one bank account to another bank account instantly..

In simple terms UPI is used to transfer money from one Bank account to another bank account on the spot.

Means Now you can send/ Pay Money With Apps to anyone.
As Our Prime Minster's Decision of Demonetization of 500 And 1000 Notes, They also used one term that is " Cashless India". So By UPI System it is  possible that term, And this gonna help India to grow a lot.

-How secure is UPI? -

UPI system is developed/created by NPCI so you don't need to worry at all. Because National Payments Corporation of India(NPCI) is the handler of All transaction that are done by RBI.
So that we can say that UPI is totally safe and secure.

-Why UPI? and How UPI Works -

Like currently if we want to transfer money to bank account, we have to write our Account no, IFSC code and all the details and then we have to wait for minimum 12 hour to reflect that money into bank account. So this is very slow process.

Because of this slow process we can't do faster transaction so NPCI introduced this system.

In UPI we have to do give only Virtual Payment Address( ex. ) and the transaction will be done on the spot.To Use UPI we have to just install the UPI App.

- Benefits Of UPI -

* We can transfer money between two Bank accounts in a seconds.
* We can pay to any merchant via UPI system.
* It help us to grow our India .
* Simpler and Secure.

- What is Transaction Limit of UPI? -

Per Transaction Limit is 1 Lac Only.

- What is The Charges of UPI ? -

Per Transaction The Charges are only 0.50 Rs Only. this Charges will be taken as IMPS charges.

- Applications based on UPI System  -

Over 29 Banks Accept this system and many of Banks introduced there apps for its customers to use UPI.
Below Are the list of UPI apps and its download link :

1) Axis Bank UPI App - Download Link
2) SBI UPI App - Download Link
3) PNB UPI App - Download Link
4) Union Bank UPI APP - Download Link
5) Vijaya Bank Upi App - Download Link
6) ICICI UPI App - Download Link
7) HDFC UPI app - Download Link
8) Andhra Bank UPI App - Download Link
9) Bank of India UPI App - Download Link (Coming Soon)
10) Bank of Baroda UPI App - Download Link (Coming Soon)
11) Canara Bank UPI App - Download Link
12) DCB Bank UPI App - Download Link
13) Federal Bank UPI App - Download Link
14) Phone Pay UPI App - Download Link

- How to Transact? -

1) Download Any Bank App Because All App Are Based on UPI

2) Now register Your Self By Verifying Your Mobile No.

3) Now Create Your Virtual Payment Address(VPA).

4) Now Link Your Bank Account With App.

5) Now you can transfer Money to Any-one by VPA or Account details,and you can also accept money from anyone one with your VPA.

- My Thoughts -

I Think, UPI is great initiative By Our government.. It gonna help us to grow our India, Also The economy system will get balanced and Corruption will be washed out. so lets support the motto "cashless India".