UPI (Unified payment interface) it was introduced 3 years ago by NPCI which regulates the payment and settlements system in India. Still many people don’t know much about it so I thought to give you a clear picture about it that why we need it? What is it? How it works or can be used?
Why We Need UPI?
We often need to send or receive money via bank transfers. Be it some payment or sending money to your known ones we always need it. So here UPI is the thing which is making this job easy by instant payment from bank to bank. Earlier we can only transfer money by NEFT. Which takes a 2 to 3 days minimum time. We need to give our bank name, account number, Ifsc code, name etc. to transfer money. It was bit complicated. So we need a good way for instant bank transfers. That’s why NPCI(National payments corporation of india) has come up with the payment system UPI which is very effective in bank transfers.
What is UPI?
let’s understand what it is? Actually it is a payment system by which you can send money to any bank with a click from your phone. The payment is real time the money gets deducted from sender and will be added in receivers account within minutes. You must have used online wallets before like paytm or freecharge etc. So like in these wallets the cash is transferred to one wallet from another instantly like that by using UPI money can be transferred from one bank to another instantly. There are various UPI apps every bank has its app. Various other like PAYtm, PhonePay and BHIM are also good.
How To Use?
So now let’s see How to use it.
- First of all you need to download any UPI app for your android or ios device.
- Then you need to enter your phone no. Remember the no. Should be the one connected to your bank.
- Select your bank from the list.
- Enter all the bank details and link your bank account to the app.
- Now you are ready to send and receive payments.
You can send and receive payments by these following methods.
- You can send and receive money by using unique UPI id.
- Anyone can send or receive money by using bank account number or IFSC code.
- You can send or receive by using your phone number.
- Also there is a QR code which you can instantly scan.
Now you are ready to send and receive money using UPI. Be aware of the online payment fraud too. Also never share your OTP with anyone.
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