What is UPI and how to use it Full Information (2021)

What is UPI:- Everyone Knows how the Indian Government is promoting Digital Payment Methods, don’t they? For this, they have brought many mediums out UPI is one of them. All these forms are building up a Cashless Economy even more. As you all know about UPI, Government also brought it to promote this cashless economy. The full form of UPI is “Unified Payments Interface” With the help of this, you can transfer money from your bank with only one click of your Smartphone.

The government launched this Unified Payments Interface app in January 2016. The aim was to make the Indian Economy a Cashless Economy.

What is UPI?

We also know it as the Unified Payment Interface. It is just like an Email ID similar like we use the Email ID of people to contact them, in the same way, we use the Unified Payments Interface ID to transfer money to people. This Unified Payments Interface Address differs from one and another. IMPS, which is a full-form Immediate Payment Service, is used to send payment quickly. With this help, there is no need for Check and Old Bank Methods.

Who Launched Unified Payments Interface?

NPCI launched Unified Payments Interface. NPCI is a full-form National Payments Corporation of India. Before doing this work, NPCI made Bank of India and other banks together so that all Unified Payments Interface could agree on this idea.

How does UPI work?

Unified Payments Interface is a digital mode. We can transfer money from one bank account to another without revealing your bank account number, IFSC Code, or any other account details.

If you want to transfer money by using Unified Payments Interface, keep these points in your mind.

  1. You must have a bank account of your own.
  2. You should have a phone number that must link to your Bank Account.
  3. You must have a Smartphone.
  4. You must also have the Internet because it works only on your Internet Connection.

After these four steps, all you have to do is being registered in your Unified Payments Interface app and generate your mPin. After that, you will be ready to take advantage of Unified Payments Interface.

Unified Payments Interface apps BHIM, BHIM SBI PAY is available in the Play Store, which allows you to enjoy the full benefits of Unified Payments Interface.

With the help of Unified Payments Interface, you can transfer your money from your bank account to another bank account in which neither the bank’s holiday nor the rules and regulations of the banks need to follow. It is a 24×7 available option, meaning you can send money to anyone anytime.

You can send money from UPI in 3 ways:-

  1. With the help of UPI ID or Virtual Payment Address.
  2. Scanning UPI QR Code.
  3. By entering Account Number and IFSC Code.

You can complete the payment in these three ways. You can also link your different bank account in the Unified Payments Interface App.

What are the features of UPI?

Whatever procedures we use for money transfer in the bank, they can follow all the processes in an even easier way in Unified Payments Interface Apps. With the help of the Unified Payments Interface app, you can also do a lot of work sitting at home and a lot of work for which you had to travel around the bank. You can do it sitting at home.

  1. With the help of this, you can also pay for Shopping Bills, Mobile Bills, Restaurant Bills, etc.
  2. There are many other websites like E-commerce websites like Flipkart, Amazon, Snapdeal, on which we can pay the payment by UPI. It gave an enormous boost to Cashless Economy.
  3. With this, you can send your money from one account to another.
  4. Do you have any unpaid money? With the help of the UPI App, you can choose the option of “Request Money” and ask them to send back your overdue money.

Some important things you should know:-

After all, why people put so much emphasis on Unified Payments Interface. What does it make much better? Now we will know about some similar things that you should know about this.

  1. Whenever you pay using this, then all these transactions happen between two banks.
  2. Generate VPA for payment, which we also call Virtual Payment Address. It works as your financial address.
  3. Whether your bank is closed or open, you do not need to go round the banks. You can transfer money right from home.

How to register?

  1. First, install BHIM UPI or any other Third-Party App from Play Store.
  2. After installing, create an ID. Enter the name, address, birth date, and phone number for the ID. Use registered details, which exist in your bank account.
  3. After that, the last step is to link to your bank account. You also only have to generate UPI Pin.

How to generate UPI Pin?

How To Generate UPI Pin?
  1. Choose the bank account, the bank account you want to connect to in your app.
  2. As soon as you select Bank Account, it will ask you to generate a UPI PIN. Now you have to set up your UPI Pin too.
  3. OTP will send to your mobile number, which will have the mobile number connected to your bank account.
  4. You put that OTP in your UPI App and click on Generate UPI Pin.
  5. You will get a UPI Pin of 4 Digit, which you have to use for every transaction. Without this, you cannot do any transactions.

How to do Transactions from this App?

Transactions are simple to proceed with the help of the Unified Payments Interface. For this, follow some simple steps.

How to process “Transfer Money”?

  • Open your UPI Based App inside your phone in which you have registered.
  • Join that app. For this, you can use m-PIN or UPI Pin.
  • Click on Transfer or Send Money Option.
  • Enter VPA, Account Detail, or Phone Number of Beneficiary (to whom you have to send money).
  • Type your ‘amount’ of money.
  • Enter UPI Pin to confirm your payment.
  • “Your process has been completed” this message will also have sent to your mobile.

How to send “Request Money”?

  • Open your UPI Based App on a smartphone.
  • Login in that App, for login you use m-PIN or UPI Pin.
  • Click on the “Request Money” option.
  • Input the VPA of the account of the person to whom you have to request money.
  • Generate UPI Pin, which will make your request successful.
  • The ‘request’ will send to that person through Payee.

How to succeed Bill Payment?

  • After login into your account, click on the “Bill Payment” Option.
  • Here you will find many options like My Bills, DTH, Water Bills.
  • Fill in the Amount as much as you want to pay using Bill.
  • To Completed your Transactions, enter your UPI Pin.
  • Your payment will immediately go to Biller.

FAQ

Does the UPI app secure?

Does the UPI app secure?

Yes, to say that they encrypt this Unified Payments Interface App means fully secure. In this app, we can perform many Transactions at one time. Do you know that over 8 Crore transactions are being done daily with Unified Payments Interface Based App?

If it is not safe, then it is not possible to have so many transactions daily. We create just like OTP for the security of the Debit Card similarly MPIN uses for UPI. Along with this, a pin of 4 digits is also input to secure UPI payment.

Is UPI Transactions Free?

When it started, people had to pay an extra charge. It’s up to 0.50 Rupees on every transaction. But now there is nothing like that. In today’s time, you can do all these transactions free of cost.

Indian Government made it free to promote digital payment so that more and more people can use it. Not that it will always be free, maybe when you are reading this article, only then the charge is to apply.

What are the benefits of the Unified Payment Interface?

  1. The Facility of Instant Transactions.
  2. It is easy to use.
  3. You can manage multiple bank accounts from one app.
  4. Here you do not have to share the Detail of the Bank Account with others.
  5. If you have any complaints, you can also ask directly. You also get the “Support” option in this app.

Is UPI Cash better than Card?

The biggest reason for launching the Unified Payments Interface App was to make India a Cashless Economy, in which it also stood tall. In today’s time, very few people are using cards and cash. Mainly after COVID-19, UPI and Online Payments are used by many people.

1.Lotza from Federal bank
2.Ais Pay
3.iMobile
4.MobiKwik
5.Paytm
6.PhonePe
7.SBI BHIM app
8.Google Pay
9.BHIM app
10.UPI App In India 

Things you should keep in mind while using UPI!

  1. Never share your password with anyone. It can empty your Bank Account.
  2. Do not share your UPI Pin with anyone.
  3. Whenever you pay someone with the help of UPI, please re-check your Amount again.
  4. Always keep the Customer Care Number with you.
  5. If you get a payment request from Strangers, then never accept it.

Closing words

In this post, I have tried to give the smallest details about the UPI App. If you liked this post of mine, then please tell us by commenting. If you have questions related to Unified Payments Interface, then comment to us immediately below. I will try to reply to you as soon as possible.

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