by Sonal Deo
Published Thu, Feb 9th 2017, 09:23 | Technology
Unified payment interface app is a payment system that allows you make and receive payments anywhere by just using your smart phone. Upi app allows you to pay directly from your linked bank accounts to merchants without using your credit card, and bank account details like the account number, IFSC code and net wallet passwords. It is a unique identifier your bank uses to transfer funds using the IMPS immediate payment services. IMPS is faster than NEFT which helps in easing the whole process of money transfer. Now with the help of UPI app you can make payments there is no need of credit card, debit card or digital wallet.
UPI has proven to be a secure and fast mode of transfer of payments. You don’t need to share sensitive details like your bank account number, the IFSC code. As all the transactions is done using a unique virtual payment address. UPI works year round 24*7 so it saves a lot of time and has made banking less tedious. You can make merchant payments, settle remittance and make bill payments. Unified payment interface has simplified your online payments eventually. Simply enter your details and you get a billing request on your smartphone which you can accept or reject right. You can use this app to pay for taxis, online groceries, order food online and send money to your friends and family.
How does the UPI work?
•Today if you have to make online payments you have to use your bank account number, account type, bank name and the IFSC. The invention of Upi has vanished all this. The interface allows you to send and receive payments online using the smart phone.
•Your beneficiary details are replaced with the VPA code. VPA is the virtual payment address. Instead of remembering the details just use your VPA.
•You can link multiple bank accounts to the VPA. The local ID will be your virtual address. The bank gives you a virtual address similar to your email id.
•There is a per transaction limit of 1 lakh rs.
•You simply need to download UPI app from app store and install it on your smart phone. Set up the login and create a virtual payment address. Add your bank account and linked bank accounts, set your M pin which is the password and you can start transacting using the UPI app.
UPI has made banking simplified and more easy. The initiative taken by Reserve bank of India and Indian bank association. Upi is advanced version of IMPS and is any day better than NEFT. A user is able to make in app payments for goods and services you purchase online. The transaction will happen in highly encrypted format. UPI is a free app which you can use without paying any charges anytime, anywhere 24*7. However unified payment interface is a right direction as it perfect alternative to mobile wallets and make cashless payments. Upi has the potential to make cashless payments which is beneficial for both buyers and sellers