by Sonal Deo
Published Mon, Mar 13th 2017, 12:16 | Technology
Unified payment interface app is an application service wherein an individual can send and receive money anytime, anywhere. The UPI app enables fund transfer without having to share the confidential information like the bank account number, the IFSC code, the debit card details too. Unified payment interface has been successful in creating a cashless society. The long term goal of UPI is the inclusion of financial transaction that can be done using the smart phone.
Upi App is affordable , secure , fast, interoperable payment service and settlement app. The unified payment interface app can be used as an substitute to mobile banking, net banking, NEFT, IMPS services. The mobile wallets have a transaction limit of around 10,000 while the transaction limit of the unified payment interface app is 1 lakh per day. Also the transaction costs charged are around 0.50 paisa which is very nominal, so that you don’t have to pay extra charges for it.
You have to use the virtual permanent address to do the transactions you just need a bank account and a smart phone. UPI app is regarded as the safest app as the payee will not know your details and even if his or her system gets hacked you need not worry about losing your money. You will always get a confirmation about the transaction to be done, once you approve it you can carry on the further transactions. It is an interoperable app which can be used across any banks and the linked ban accounts.
Here are the detailed steps to use the Unified interface payment app:
Upi App is integrated with your bank’s app. so you simply need to install the app on your mobile and register using your number.
Once you are done registering a virtual permanent address will be sent and mapped with your registered mobile phone.
You can use it for transactions as low as INR 50 and the highest transaction limit 1 lakh rupees. These payments can be made between friends , family , merchants , grocery man , delivery boy your money will sent and received instantly in a secure manner.
All you will need is the unique ID of the ecommerce firm or the recipient and you can send the money instantly.
You can pay all your bills, recharges bills, utility bills. You can do this using the Upi App which saves a lot of time.
You can go cashless and contribute for black free money society. As you can carry out your basic functions using the Upi App which is very helpful and time saving. You are actually cutting down on long queues and can utilize the time somewhere else.
Upi app is a breakthrough for the new generation which uses smartphone for every small thing. The unified payment interface app has turned your mobile into payment banking. As you can carry out banking function easily. You can use UPI app 24*7 for 365 days and can transfer money, anytime anywhere even on Sundays and holidays.