Do you know What is UPI and how it works? For the last few days, all of us are facing difficulties in transacting money because the Prime Minister of our country, Shri Narendra Modi has taken a strong step against corruption and has discontinued the old 500 and 1000 notes. It is obvious that with this decision, the bribe must have got rid of the sweat of the hooves, but at the same time, the common man is also suffering a lot. In view of these problems, the Prime Minister has given another suggestion to us that now all of us should promote the cashless economy.
A cashless economy means that now we should make an online payment, except for money transactions by hand. The growth of the cashless economy is not so easy, but every difficult thing becomes easier by trying. We all know the importance of the Internet, but still, there are many places in our country where people do not yet have this facility. And there are many people who know about the internet but do not know how to use it well, like elderly people. In such a situation, it is the duty of the youth like us to teach them to use the internet, which can be a great help in their daily life.
Now the thing is that if we want to leave money transaction and make an online payment, then how can we do that, there are many mobile applications through which we can do online money transfer with the help of mobiles like Paytm, MobiKwik, Freecharge, etc. Many of you must have used one of these to do mobile banking. Apart from these apps, there is another way through which we can easily do mobile banking, anywhere from 24 hours every day at any time, whether it is hidden or not, you can easily transact money and its name is UPI. Today we will learn about “What is UPI and how it works”.
What is UPI and how it works
The full name of UPI is Unified Payments Interface, this is a way with which you can send money from your bank account at any time, anywhere, to your friend’s account or relatives’ account, and if you have to pay someone Even if you have to, you will be able to give money easily with the help of UPI. You can make any kind of payment with the help of it, like if you have bought some goods online, then you can pay with UPI or if you have made some purchases by going to the market, you can still use UPI. Taxi fare, movie ticket money, airline ticket money, mobile recharge, and DTH recharge are all types of payments you can make through UPI. And they will be transferred very quickly and immediately from your bank account to your front bank account.
The initiative to start UPI has come from NPCI. NPCI’s full name is National Payments Corporation of India, which is the organization that currently manages the ATMs of all banks in India and their interbank transactions between them as if you had Axis bank ATM card. If you are, then you can withdraw your money by going to the ICICI bank ATM. NPCI takes care of all the transactions going on between these banks. In the same way, with the help of UPI, you can send money from your one bank account to the account of the front bank.
How to use UPI? What is UPI
To use UPI, you must first install its apps in your Android phone. There are many bank applications that support UPI such as Andhra Bank, Bank of Maharashtra, Axis bank, ICICI bank, etc. You have to go to Google Play Store on your phone and find and install the UPI app of the bank in which you have an account. After installing, sign in it, then create your account by giving details of your bank there, after that you will get a Virtual ID, on which you generate your ID, that ID can be your Aadhar card number or your It can be a phone number or that id can be an address like an email id (eg [email protected]) After all this is done, your work is over there. Then your account is created in UPI, you can easily send money and can also take money.
How do UPI works? how it works
UPI is based on IMPS i.e. Immediate Payment Service System, which we use for the other net banking. When we use apps on mobile. This service can be used all the time, every day even on holidays. And UPI also works on this system, but here the question arises that if UPI and all other types of net banking apps work based on the same system, then what is different between them? UPI is different from all those apps, how? I want to give you an example to tell you this.
Suppose you are in need of money to your friend or relative and you have to send money to them as soon as possible. Then you open and login to that app and add the person to whom you have to send money. When adding, enter the banking details you know. it can be the account number of that person, IFSC code, branch name, etc.
But all these things are not required in UPI. You just enter the UPI ID of the person whom I told you above and easily send money. Neither the hassle of entering any bank details nor it takes much time and the person in front does not need to tell which bank his account is or which name is registered in his account. Without knowing all this, we can send money quickly and safely with the help of UPI.
Money limit in UPI
There is also a limit to send money in UPI and that limit is 1 lakh rupees per transaction and fees for sending money are charged per transaction 50 paise, this is a very small amount, that is, you will not have to spend too much money to send money and You will also be able to take advantage of instant money transfer.
List of UPI Enabled Banks
- State Bank of India
- Kotak Mahindra Bank
- ICICI Bank
- HDFC Andhra Bank Axis Bank
- Bank of Maharashtra
- Canara Bank
- Catholic Syrian Bank
- DCB Federal Bank
- Karnataka Bank
- KBL Punjab National Bank
- South Indian Bank
- United Bank of India
- UCO Bank
- Union Bank of India
- Vijaya Bank
- IDBI Bank
- RBL Bank
- Yes Bank
- IDFC Standard Chartered Bank
- Allahabad Bank
- HSBC Bank of Baroda IndusInd
FAQs related to UPI (Unified Payments Interface)
1. What is UPI?
UPI stands for Unified Payments Interface. It is a real-time fund transfer process and NPCI provides it. This system works on the IMPS interface. IMPS stands for Immediate Payment Service and is an instant payment inter-bank electronic funds transfer system in India.
2. Which UPI app is the right to download?
There are a lot of UPI apps in the Google Play Store, so the user can choose any app according to his mind.
3. Is it necessary that the user download the UPI app of his own bank?
No. Users can download any UPI app. With this, you should know that it can be of your bank or any other bank also, it will not make any difference.
4. What is UPI PIN?
UPI pin is a pin that is set at the time of the station process of the UPI transactions. We use this pin to authorize all UPI transactions.
5. If a user gets debit money during a UPI transaction, then what should he do in such a situation?
At such a time, money often returns to the user’s account within 1 hour. And if it does not happen during this time then you must contact customer care.
6. Is it possible to link different bank accounts with the help of more than one UPI app on the same smartphone?
of course. You can definitely link the same or other bank account number with one or more APIs.
7. What is the maximum amount you can transfer through UPI?
You can transfer money up to a maximum of Rs.1 lakh per transaction.
8. If I ever have to register a complaint, how can I do it?
You can make this complaint only in the UPI app, for this, there is an option in the app.
9. If anyone ever entered the wrong UPI PIN then what will be the result?
If a user has ever entered the wrong PIN, then that ongoing transaction will fail.
10. How can you pay in UPI online? First of all on the merchant site
We will have to go after that choose the UPI option after that VPA will have to enter and then UPI PIN.
I hope you liked this article and you must have also understood What is UPI and how it works. Now you can perform the task of UPI with ease and don’t have any problem related to it. If any problem occurs during the process of UPI and its working, feel free to contact us anytime with the help of our E-mail ID and our website.
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