by Sonal Deo
Published Wed, Apr 5th 2017, 13:47 | Technology
UPI app is an online payment system which facilitates sending and receiving money instantly by just using a smartphone. The unified payment interface app can be used for both sending and receiving money online.
Unlike NEFT and RTGS you don’t need the bank account details like the bank account number , the IFSC code to make fund transfer. The user only needs to download the UPI app from the Google play store and register on it using a mobile number which is working. Once you do a valid input of the details you will create a virtual payment address which is similar to the email address. Once you register on the unified payment interface app you can send and receive money up to 1 Lakh rs. This is done instantly after the authentication from the bank. You will receive an SMS which you can reject or approve and carry on the transaction.
The functioning of the unified payment interface app is simple. Once you make the payment you will receive a message on your phone , if you confirm the message the payment will be done instantly. You will receive the cash in the same way. There is a huge difference between the UPI app and NEFT , RTGS. Unlike the other two payment system you don’t need to share your details. Also you can carry out the transaction year round 24 *7 even on Sundays and holidays. This way the UPI payment system is helping us to contribute and grow into a cashless society.
The another advantage of the UPI app is that you can have multiple unique virtual addresses. You can also carry out transactions from multiple bank accounts without going to your own bank. The charges for the transaction is 50 paisa which is negligible , so it is equivalent to not paying them. So for the transfer of funds you simply need a smart phone and an internet data pack. You can send money to your friends, family , pay online bills, pay the delivery boy , merchants , go online shopping with the unified payment interface payment system. The UPI app has brought the bank into your mobile phone, you can do all the banking processing at a touch. Also it is very secure to use due to the two way verification process and you don’t need to use any of the confidential information to carry on the transfer of funds.
The Unified Payment Interface app is successful in contributing towards a cashless society in the long term. The person to person payment system will help in keeping a trail of transactions, lower the tax evasions and boost the revenues. With the growing number of smart phone users in India this will facilitate the process of payment. You don’t need to carry your ATM card, you can simply carry out the transaction on one go instantly and in a secure manner. There is a significant increase in the online mode of payment over the cheques in the recent past. Hence, unified payment interface is the payment app for the next generation.