UPI Payment

Those days have gone when people would stand in the endless queues to withdraw or deposit money to their bank accounts. Life has become so busy and hectic in modern time that one cannot to afford spending hours in those long queues. Thanks to the advancing technology which is keeping on improving and easing people’s life technically. Unified Payments Interface is one technical marvel given by the latest and advancing technology that turned out as a boon to the modern age people. UPI payment system is no less than a revolution in the banking arena which has simplified the banking transactions. Money transfer from one account to another account was not so easy before the Unified Payments Interface (UPI) entered into the banking system. This immediate payment system was developed and introduced by National Payments Corporation of India to facilitate the inter-bank transactions.

What is a UPI?

UPI stands for Unified Payments Interface which is regulated by the Reserve Bank of India. It works as an instant money transferring system from one account to another account via mobile apps. The UPI enabled mobile payment gateways can be used to send or receive funds from between two accounts or multiple bank accounts. Most of the leading banks have their UPI enabled apps and they UPI clients like BHIM and PhonePe to serve their customers better.

How does it work?

Online money transferring was a tedious task before the UPI was introduced. One has to add beneficiary bank account details to their account and wait for 24 hours to transfer the fund. UPI however, made this job easy for people. Using UPI you can send money instantly with no transaction charges. A sender can send money up to Rs. 1 lac. You need to create Virtual Payment Address to transfer fund via UPI. Virtual Payment Address contains a unique, flexible and changeable username linked to a bank account which can be used to send or receive payment.To get started with UPI, all you need do is as follows:
1. First thing first, to start with UPI, the first and most important thing you need do is, your mobile number should be linked to your bank account.
2. Secondly, download the UPI enabled app on your smartphone get registered yourself selecting your banks.
3. Complete the authentication process via text message.
4. Provide your bank account details and create a Virtual Payment Address (VPA).
5. Create MPIN and submit to complete the money transaction process.

Is it safe?

Experts say that UPI is the safest fund transferring system for mobile payment platform. The MPIN (Mobile banking Personal Identification number) which is only known to you makes your UPI transaction safer and securer. M-PIN is similar to ATM pin and works as a secret number for mobile payment transfers.
You can also link multiple bank accounts to a single Virtual Payment Address and can complete the transaction process even bank holidays.