by Sonal Deo
Published Thu, Mar 16th 2017, 14:19 | Finance
Unified payment interface which operates under national payment corporation of India is closely monitored by the reserve bank of India which has severely changed the banking sector. You can imagine how frustrating it is to stand in a long queue for hours just to transact some amount of money. With UPI you can go completely cashless. As the transactions will be virtually through your virtual payment address. In a nutshell Unified payment interface app does the functioning of a debit card also internet banking instantly and in a secured manner
UPI is a payment system that allows you to send and receive money instantly by just using your smart phone. Earlier you had to remember the beneficiary details like the bank account number , IFSC code you can simply use the virtual id for the transactions. You don’t have to share your account number anymore you can simply use the VPA code to carry out the transactions. The best part about UPI is that you can link multiple bank accounts and check the balance, carry out the transaction from any of your linked bank account. To get started with the unified payment interface app you need a smart phone and a bank account which is to be linked to carry out the transactions.
Now a question that arises is how is UPI different from others?
The app will identify the user with an email like virtual address like yourname@bankname. Unlike other apps you don’t have to remember the bank account details and the passwords. You simply need to remember the VPA. You can also carry out the transaction using your computer but you need to keep your mobile handy as the one time passwords are sent on it as well as you’ll be notified on you’re the mobile number you’ve registered. There is a transaction cost of mere 50 paisa which is really nominal. With UPI you can network and use all your bank accounts which you’ve linked.
How UPI functions?
Log in to your id select the option whether you’ve to send or receive money. Enter the recipients VPA, enter the amount to be sent the amount will be sent from your debit account. Enter the MPIN and you’ll get the confirmation or decline message.
What are the key factors about the unified payment interface app?
· Upi app networks through single app to any bank account. So you can send and receive payments on any of your linked bank account.
· National Payment Corporation of India will charge you only 50 paisa each transaction which is really nominal.
· You don’t need to share your bank account details you can simply share Your VPA instead of the bank account number or the IFSC code.
· The transaction limit of UPI for a day is up to 1 lakh.
· You can link your multiple bank accounts and carry on transaction from any of them.
· Unified payment interface can be used for daily purposes like payment of bills and premiums, at the grocery store, shopping online, booking travel tickets, etc. in a safe and secure manner.