what is UPI and how does work

In April this year, RBI governor Raghuram Rajan launched the UPA for facilitating online bank payment. Through this, consumers can easily transfer and receive money through their smartphones. This requires downloading the UPi app available on Google Play Store, after which you will not need a bank account to send money to your friend or any relative. You just have to have their UPID ID. In addition to sending money, you will not need Utility Bill Payment, Online Shopping, Net Banking for Shopping, Credit Card and Debit Card. You can do all these work from the Unified Payment Interface System. But first of all, it is important to know what the UPA is and how it can be used.

The UPA ie Unified Payments Interface is an application by which consumers can easily make money transactions in other banks. You do not have to have account details for this. You can do transactions only through mobile number. It is very easy to use and can be transitioned by only a few steps. You have to download this app from Google Play Store to use it.

In the UPI app you can do a transaction of the money by just clicking one. Yes, to use it, your smartphone should only have internet facility. Like other payment applications here you will not need to login or receive OTP and you will not need any other card or card number. To use the UPI app, first download it to your smartphone and create a unique ID there. After creating the ID, you will need to generate the mobile PIN. Which you have to connect to your base number. The UPA actually transfer funds from one virtual ID to another virtual ID. In the UPI you will get your virtual ID from your bank. If your phone number is 54684212344231 and the account is in SBI then your virtual ID can also be 54641897451 @ sbi.

If you want to send money to a member at home then put his virtual ID and fill the amount sent in it and then click on Pay To button. The money will be accessed from your account in that member's account. Using the UPI app, one can transfer from Rs.50 to 1 lakh rupees a day. The use of the UPA can be done on 24 hours and seven days.

This can lead to a transaction on single click. Apart from this, the virtual address can be sent to the money, no scope of theft, can share a bill of expenses with friends. Get rid of the hassle of going to ATMs and keeping cash. Merchant payment facility from the same app. Push and bridge payment facility for different tasks. Utility Bill Payment, Counter Payment, Barcode Scan Payment. Universal app for all banking operations will be available round the clock, seven days a day.Most use MPIN in All online net banking read about MPIN.What is MPIN.

Now the Indian National Payment Corporation (NCPI) has made the UPA available to 21 banks. After which the money can be transacted immediately from the smartphone using the mobile number without the account information from the 21 banks' app. Through the UPI app, you can send money to your relative or friend without any bank details. You can also ask for money from them. In addition to sending money, this app will not require bill payment, online shopping, onlinesbinetbanking, credit card and debit card for purchase.