by Sonal Deo
Published Mon, Apr 17th 2017, 11:27 | Business
Unified payment interface app was a brain child of the reserve bank of India and the NPCI (National Payment Corporation of India). It was step taken to contribute towards a digital society. The UPI app which was earlier adopted by the leading 21 banks now is coming up with more banks.
You can download this UPI app for free from the Google play store. The best part about the UPI app is that you can link multiple bank accounts to a single interface. This is will also allow you to make payments from any of the bank accounts.
So when the next time when you make payments you don't need to use tour debit or credit cards you can simply use the UPI App for money transfer.
Hence you don't need to remember the bank accounts details like the bank account number, the IFSC code and the passwords.
Hence, Just remember the Unique Id which is similar to your email Id e.g. name@bankname. So the next time you forget your cards you simply need a smartphone and an active data pack to make payment.
You can make payments to the grocery bills, the bills, pay your friends online, also you can use it to money to your relatives and friends. Hence, it is an app which can be used by anyone who has a smart phone and an active data pack. The mobile handset should be registered and you need to confirm the number.
When you download the Upi app and register on it, you simply make way for easier payments. You don’t need to exchange the beneficiary details like the bank account number, the branch name, and the IFSC code which are confidential details. You can simply exchange the VPA and carry on the transaction. The transaction which is carried on is secure as it has two-way verification. It means that when person send money across him will receive a confirmation SMS whether he wants to carry on the transaction or not. He can accordingly accept or decline the request. Hence, UPI is safer and secure than the other available options.
Customers can switch to the unified payment interface app as it is easy to use. You can pay for products and services that are used by in the day to day like the taxi services, airline tickets, movie tickets. With the Upi on whole the bank account has become more like the digital wallets and you can easily move the funds between them. Upi is better than PAYTM and the digital wallets as you don’t have to wait for the cash to get loaded you can simply carry on the transaction from your bank account.
Unified payment interface app allows interoperability between the apps and the limit for the day is 1 lakh rupees with a processing charge of 0.50 paisa. Also, unlike the digital wallets where the merchants pay the transaction fees to receive payments UPI app doesn’t charge any. This makes it more affordable and feasible.