Unified Payments Interface (UPI) – Online Money Transfer

Do you all know what is UPI and how does it work? If you do not know about it, then today we will know how UPI works. It is a platform through which you can make online payments in no time. If you want to know information about this, then definitely read this post from beginning to end.

What is UPI? How to Create UPI ID. UPI payment bank app list, How to use, NPCI, benefits, work & Full form of UPI.

A few years ago today, you had to go to the bank to transfer the payment. And going to the bank had to stand in line for many hours. But now AC has come to a lot of technology. Through which you can transfer money from one account to another in a few seconds.

For this, you need to have an Android smartphone and an internet connection. You can also pay with UPI through mobile data. At present, many companies provide UPI apps and UPI QR codes.

To use it, you have to install the UPI application of any company. And after that, a PIN has to be created by registering. With this, you will have the advantage that you can transfer money to any bank in a few seconds. Through UPI, you can transfer money anywhere in the country in a few seconds.

In the coming time, the trend of digital payment is going to come all over the world. Because through this you can transfer any huge amount anywhere in a few seconds without any risk. If you want to use this platform, then you should have complete knowledge about it. Now we know what is UPI and how to use it.

What is UPI?

The full name of UPI is Unified Payments Interface. And through this, you can do online transactions from your bank account. If you want to make payment to your relative, then you can make payment through UPI very easily. With whom you can make any kind of online payment in a few seconds.

If you have gone to buy books in a shop and you have lost some money in it. So you can make online payments through UPI at such time. Or you have ordered a product from Amazon and Flipkart. So you can make online payments through UPI. Apart from this, many such features have been given in it, which have made our life even easier.

Electricity bill, mobile recharge, train ticket, online shopping, movie tickets, DTH recharge, etc. You can pay all these types of payments through UPI. And this money is immediately deducted from your bank account and transferred to the front account. But for this, you must have a smartphone and internet data.

But if you do not have smartphone and internet data then you can use e-RUPI. Through E-RUPI you can transfer money without a smartphone and the internet. If you are not aware of this then you should first know about e-RUPI.

At present, many private and government banks provide UPI services. If you want, you can get their bank’s QR code made from any bank. Now you all must have understood what it is, if you still have any doubts, then you can ask in the comment section.

Full Form of UPI/ NPCI

If you are using UPI then you should know about its full form. Because this is a very simple question that anyone can ask you at any time. Anyway, you must be aware of whatever you are using.

Full-Form of UPI is “Unified Payments Interface”

Full-Form of NPCI is “National Payments Corporation of India”

Who started UPI

This question must be coming to the mind of all of you that who has started UPI. And the transactions done by it are done under whose supervision. If this question is running in your mind, then I want to tell you all.

The initiative to start UPI has been taken by NPCI (National Payments Corporation of India). National Payments Corporation of India (NPCI) handles all the work of UPI. Along with this, the ATMs of all banks in India and the interbank transactions happening between them.

Now we have understood this in very simple words. Suppose you have an HDFC Bank ATM card and you withdraw payment by visiting ICICI Bank ATM. So NPCI takes care of all the transactions happening between these banks. In the same way, through UPI, you can transfer money from your bank account to the bank account of any other bank.

How to use UPI?

To use UPI, you must first install its application on your Android phone. Many AC banks provide this service. Like HDFC Bank, ICICI Bank, State Bank, Axis Bank, Andhra Bank, Bank of Maharashtra, etc. UPI is supported.

After that, you will get a virtual ID, generate your ID from it. Then the UPI App will start completely on your phone. After that, you can very easily scan any QR code and make a payment. If you want, through this you can also transfer payment through mobile number.

How does UPI work?

UPI is based on IMPS (Immediate Payment Service System). Which we use while using other net banking apps on mobile. You can use this service anytime and UPI works on this system. How does this work, now we understand it is very easy words?

Suppose you have gone out of your house to work and your family members need money. So you had to log in to go to bank apps for that. After that, you had to add the name of the person you want to send to your home.

While adding, you have to fill in many bank details in it. Like bank account number, IFSC Code, and branch name, all this information has to be filled in. Only after that, you can send money to your home and your time is wasted on all this works.

But now you do not need all these things, now you just have to enter the UPI ID of that person. As we have already known that you can send money to anyone through this. For this, you do not have to enter any bank details and your time is also saved. Through UIP, you can do a transaction of one lakh rupees in a day.

20+ UPI Payment Bank App List

  • State Bank of India
  • ICICI Bank
  • Kotak Mahindra Bank
  • HDFC
  • Axis Bank
  • Andhra Bank
  • Bank of Maharashtra
  • Catholic Syrian Bank
  • Canara Bank
  • DCB
  • Karnataka Bank KBL
  • Federal Bank
  • Punjab National Bank
  • South Indian Bank
  • United Bank of India
  • UCO Bank
  • Union Bank of India
  • Vijaya Bank
  • IDBI Bank
  • Yes Bank
  • Bank of Baroda
  • Allahabad Bank
  • IndusInd

How to create UPI ID

If you do not know how to create a UPI ID, then you can follow the steps given below.

  • First of all you have to download BHIM app or any other app from Google Play Store.
  • After downloading the app, open the app, then you will see the option of UPI, click on it.
  • After that you will see the option of link “with your bank account”, click on it.
  • Now you have to select your bank and enter the mobile number registered in the bank.
  • After that the option of verify your mobile number will come in front of you, click on it.
  • Now SMS will come on the registered mobile number,
  • It will be automatically sent to UPI and your number will be verified.
  • Once the number is verified, your UPI ID will be created.
  • Now you have to enter your bank details and generate PIN.
  • You can easily create UPI ID by following all these simple steps.

Benefits of Using UPI Payment App

  • This is a safe and fast way to make cashless payments.
  • There is no extra charge for transferring money through this.
  • Transferring money to it immediately reaches the person in front.
  • It works 365 days a year and 24 hours a day.
  • To transfer money from this, you only need the UPI id of the person in front.
  • You can use any UPI Payment app to make payment.
  • You can add many banks in a single upi app.
  • The transaction limit in UPI is one lakh per month.
  • You do not have to wait to receive money.
  • You can also send a request to another person to get money.

FAQ (Frequently Asked Questions)

What is UPI?

UPI, also known as Unified Payments Interface, is a real-time fund transfer process created by NPCI. This system works based on the IMPS interface.

Which UPI app is right to download?

There are many UPI apps available in Google Play Store. Therefore, by looking at the feature of UPI Apps, the user can download any UPI App according to his own.

Is it necessary that the user should download the UPI app of his own bank?

It is not necessary that users can download any UPI app. You can download the app of any bank, you will not have any difference.

What is UPI PIN?

This is a pin that is set during the registration process. It is used to authorize all UPI transactions.

If during the UPI transaction of a user, money is debited from his bank account, then what should he do?

At such times, money is often returned to the user’s account within one hour. And if it does not happen during this time then you must definitely contact customer care.

It happens many times that money is deducted from the account but still the transaction is showing pending? So what should be done?

In such cases often the transactions have been processed. It shows pending status because there may be a server issue in the backend of the payee/beneficiary. If this issue is not resolved within 48 hours then you must definitely contact customer care.

Is it possible to link different bank accounts with the help of more than one UPI app on the same smartphone?

You can link the same or other bank account number with one or more UPI. In this, you can download any number of apps and link with their bank.

On which mobile platform we can use UPI?

We can use it on the platforms Android and iOS.

What is the maximum amount you can transfer through UPI?

You can transfer money up to a maximum of Rs.1 lakh per transaction.

If ever I have to register a complaint then how can I do it?

You can make this complaint in the UPI app itself, for this, there is an option in the app.

What will be the result if someone ever enters the wrong UPI PIN?

If a user has ever entered a wrong PIN, then that ongoing transaction will fail.

What should be done if the bank name of a user is not detected by the UPI app?

The first step should be to see that the mobile number of the user should be linked with the same bank account. If this does not happen then the app will never recognize your bank, and the linking process will never be complete.

Can payment be given to other merchants through UPI?

Yes absolutely. You can give payments through online mode in e-commerce sites if there is a UPI option available then.

How can you pay in UPI online?

First, you have to go to the merchant site, then select the UPI option, then enter the VPA and then the UPI PIN.

How secure is UPI?

This interface of digital payment does authentication in two ways. After that only with a single click, you can make a payment to anyone. Here PIN is used instead of One Time Password. Due to being the best-encrypted format, NPCI advisor Nandan Nilekani had said that it is a secure option of payment.

Can I transfer money from UPI to my account?

You can transfer money through UPI from any bank holder’s name, account number, or IFSC code.

What is NPCI?

Full-Form of NPCI is “National Payments Corporation of India”. This is what created UPI and it handles all the transactions.

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Last Word

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