UPI is a new Payments method to transfer funds within seconds. The meaning of UPI is Unified Payments Interface; National Payments Corporation of India launched it in 2016. NPCI aims to make a cashless economy with UPI. NPCI is the body of the Reserve Bank Of India.

UPI fetches all your bank accounts in a single window. You can send or receive funds through UPI ID. Also, you can scan any QR code to pay bills, individuals, shopkeepers, merchants etc. To enable UPI Payment, you have to install mobile payments apps and have a payee’s virtual address ([email protected] or [email protected]).

With UPI ID, you can easily send money to shopkeepers’ accounts or individuals. No need to add lengthy details of the beneficiary to make payments. You can make UPI transactions free of cost 24/7. In a single transaction, you can send 1 lakh rupees.

What is UPI ID and UPI PIN

UPI ID:- This is a unique identification for banks to transfer and receive funds.

UPI PIN:- It is a 4-6 digit personal identification number entered to allow transfer via UPI.

How Does UPI Work?

UPI is a fast way to transfer money to payees. Need not remember beneficiary’s account number, IFSC Code, account type, and bank name. Your’s Registered mobile number is required that is linked with bank and UPI ID. You can make a UPI ID through the mobile payment app.

UPI ID starts from a phone number, goes along with the ‘@’ sign, and finishes with the app name. Like if your phone number is 94xxxxxx95 and using the Paytm app. Then your UPI ID can be ’[email protected]’. Your ID setup depends upon the banking details provided in the app. You will receive an OTP on your registered phone to verify the authorized user.

Once you are verified, you can create a PIN for UPI ID. After completing registration, you can send money to any mobile from your contact list. Also can receive money from anyone. Required things to transfer money through UPI are the below:

  • Smartphone
  • Active Bank Account
  • The mobile number which linked to a bank account
  • Internet connection

Features and Benefits of UPI

UPI Benefits For Bank

  • Global app for one transaction
  • Two Factor Authentication on single click
  • Secure from safety purpose
  • Transaction within seconds
  • Transactions free of cost
  • Receives money with UPI ID

UPI Benefits For Merchants

  • Fast way to fund collection
  • Need not to debit/credit cards
  • In-App payments
  • No risk of storing the virtual address of customers
  • Make payments from anywhere.
  • Cash on Delivery problem solved

UPI Benefits For Customers

  • The single app brings multiple bank accounts in a single window.
  • 24/7 Available
  • Make payments in a Single Click.
  • Secure virtual ID
  • Scan and Pay in seconds
  • Completely FREE

Mobile Payments Apps With UPI Features in India

PaytmAmazon PayiMobile Pay
PhonePeAirtel thanksSBI Pay
Google PayBHIMBOB UPI
MobikwikFreechargeBHIM Axis Pay
FAQ-Frequently-Asked-Questions

FAQ

1. Who is behind UPI?

Ans: National Payments Corporation of India.

2. Is UPI a government app?

Ans: UPI launched in 2016 for public use through NPCI, under the guidelines of RBI.

3. Full form of UPI?

Ans: Unified Payment Interface

4. How safe is UPI payment?

Ans: UPI is completely safe. All phone payment apps which support UPI follow RBI guidelines.

5. Who regulates UPI?

Ans: Reserve Bank of India regulates the UPI.

6. Which is the No.1 payment app in India?

Ans: Paytm is most popular among Indians.

7. Can I use UPI without KYC?

Ans: Yes, you can use UPI without KYC.

8. Can we share a UPI number?

Ans: Yes, you can share a UPI number with customers or friends when they need to make payments to you.

9. Is UPI made in India?

Ans: Yes, it is a mobile payment model developed by the National Payments Corporation of India.

10. Does UPI need OTP?

Ans: You either need OTP or UPI PIN to make transactions. Bank sends you OTP on your registered mobile number to verify. Once the OTP is confirmed, then the transaction will proceed.

11. UPI Apps in India

Ans: There are a lot of popular UPI Apps in India:-

  • Paytm
  • PhonePe
  • GooglePay
  • Mobikwik
  • Amazon Pay
  • iMobile
  • SBI Pay
  • Airtel thanks
  • Freecharge
  • BHIM
  • BOB UPI