Hey, guys if want to know about What Is UPI? and how does UPI Work? so here discuss all the details related to UPI payment transfer.
India is going digital and take major steps to make the country a cashless economy. The UPI full is Unified Payments Interface controlled by RBI and IBA.
The word UPI stands for Unified Payments Interface and is a real-time payment system that helps to transfer funds between two platforms through the mobile, UPI is a concept that we can use multiple accounts in a single mobile application and we also send funds through IMPS, Net Banking and UPI payment transfer.
What Is UPI?
UPI stands for Unified Payments Interface and a single platform that merges multiple bank account in a single mobile application and is a real-time payment system that helps to transfer funds between two platforms through the mobile and UPI ID and Pin are sufficient to send and receive money between two platforms, It is a real-time transferring platform and also cashless system controlled by RBI and IBA.
India is going digital and take major steps to make the country a cashless economy. The UPI full is Unified Payments Interface controlled by RBI and IBA.
What Is UPI In Hindi?
UPI (Unified Payments Interface) और एक सिंगल प्लेटफॉर्म के लिए है जो एक ही मोबाइल एप्लिकेशन में कई बैंक खाते को मर्ज करता है और यह एक real-time payment system जो मोबाइल के माध्यम से दो प्लेटफार्मों के बीच फंड ट्रांसफर करने में मदद करता है और UPI ID और पिन भेजने और प्राप्त करने के लिए पर्याप्त है दो प्लेटफार्मों के बीच पैसा, यह एक वास्तविक समय पर स्थानांतरित होने वाला प्लेटफॉर्म है और आरबीआई और आईबीए द्वारा नियंत्रित कैशलेस प्रणाली भी है।
India डिजिटल हो रहा है और देश को कैशलेस अर्थव्यवस्था बनाने के लिए बड़े कदम उठा रहा है। UPI फुल यूनिफाइड पेमेंट्स इंटरफेस है जिसे RBI और IBA द्वारा नियंत्रित किया जाता है।
What Is BHIM UPI?
BHIM is also known as Bharat Interface for Money is a payment mobile application that helps you in transferring money to another bank account through BHIM UPI (Unified Payments Interface), You can do your direct payment with UPI ID and UPI Pin. This is app is also secure and easy use and you can download this app on Google Play Store.
Who Started UPI?
UPI (Unified Payments Interface) is initiated by the NPCI (National Payments Corporation of India) and controlled by RBI ( Reserve Bank of India) and IBA (Indian Banks Association), Under NPCI UPI payments are done and UPI Is the advanced form of IMPS.
NPCI (National Payments Corporation of India) is a firm that handles Rupay payments similar to Credit card and Debit card and it interconnects bank accounts to transfer funds. IMPS also initiated by the NPCI.
How Does UPI Work?
To use the UPI network or service, firstly user have to create VPA (Virtual Payment Address) they have to link bank account through VPA. The VPA is your UPI ID and you don’t need any IFSC Code, Bank Account, or any other details once you link your mobile number with their bank account so you can easily transfer money without IFSC Code, Bank Account or any other details.
To register for UPI you need to have the following things below we provide here.
- Registered Mobile Number (Linked to your Bank Account)
- A Bank Account
- Payment App like (Phone Pe, Google Pay, Paytm)
- An Internet Connection
Steps To register for UPI & Generate MPIN.
- Download and Install Phone Pe, Google Pay, Paytm, BHIM UPI app on your mobile.
- Select Your Language.
- Select Mobile Number that linked to your bank account.
- Now login with this app and create 4 digit password.
- Now you have to select your Bank Account.
- Now select your UPI PIN & MPIN.
- Your account is registered and you can send & receive money and go cashless.
What Is UPI ID & MPIN?
UPI Id is a unique identification identity that used to transfer funds with multiple accounts and MPIN is a four-digit code password that used at the time of the transaction when we have to send money.
What Are The Features And Benefits Of UPI?
Earlier we are using RTGS, NEFT, and cheque but with this UPI we go cashless and done transactions with UPI.
- You can pay mobile bills, shopping bills, electricity bills, and other bills, etc.
- You can also use it in online shopping apps.
- You can use this app to transfer money.
- You can use this app to request money and send money.
- Easy to used.
- Quick transfer.
- Quick balance checker.
Steps To Register For UPI
- Download and Install Phone Pe, Google Pay, Paytm, BHIM UPI app on your mobile.
- Select Your Language.
- Select Mobile Number that linked to your bank account.
- Now login with this app and create 4 digit password.
- Now you have to select your Bank Account.
- Now select your UPI PIN & MPIN.
Steps To Make UPI Transaction
UPI Transfer Money
- Firstly you have to open your BHIM UPI App.
- Select Transfer Money.
- Enter the Beneficiary mobile number.
- Now Enter amount.
- Enter Your UPI PIN.
- Money is sent.
Request Money (Accept Money)
- Firstly you have to open your BHIM UPI App.
- Select Request Money.
- Enter the Beneficiary mobile number.
- Now Enter amount.
- Enter Your UPI PIN.
Bank Lists That Support UPI
Here we provide all the bank lists that support UPI payments and you can send and receive money with UPI.
- State Bank of India
- ICICI Bank
- HDFC Bank
- Axis Bank
- Bank of Maharashtra
- United Bank of India
- Vijaya Bank
- Union Bank of India
- Federal Bank
- UCO Bank
- Yes Bank
- Karnataka Bank
- Punjab National Bank
- Bank of Baroda
- South Indian Bank
UPI Secure?
UPI payments are a highly secure network connection by NPCI and its Handel over 8,000 crores per day transactions.UPI (Unified Payments Interface) is initiated by the NPCI (National Payments Corporation of India) and controlled by RBI ( Reserve Bank of India) and IBA (Indian Banks Association), Under NPCI UPI payments are done and UPI Is the advanced form of IMPS.
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