How UPI (Unified Payments Interface) works? | How to get started with UPI?

How UPI (Unified Payments Interface) works? | How to get started with UPI?

Do you know what UPI is and how it works? For the last few days, all of us have been facing difficulties in dealing with money because the Prime Minister of our country, Shri Narendra Modiji, has taken strict action against corruption and demonetised the old 500 and 1000 notes.

Obviously, this decision may be giving the bribe-takers a sweat, but at the same time, the common man is suffering a lot. In view of these difficulties, the Prime Minister has given another suggestion to us that now all of us should promote cashless economy.

Cashless economy means that we should now online payment, except for money transactions with our hands.

It's not so easy to grow Cashless economy, but trying makes everything difficult easier. We all know the importance of Internet, but there are still many places in our country where people don't have this access yet.

And there are many who know about internet but don't know how to use it well, such as elderly people. So it is the duty of young people like us to teach them to use internet that can greatly help their daily lives.

Now the thing is, if we want to give up money transactions and online payment, how can we do it, there are a lot of mobile applications through which we can do it with the help of online money transfer mobiles like Paytm, Mobikwick, Freecharge etc.

Many of you must have used one of these to banking mobile. Apart from these apps, there is another way we can easily banking mobiles, whether 24 hours a day is free or not at any time from anywhere, you can easily transact money and its name is UPI.We will learn from this article today about what UPI is and how it works.

What is UPI – What IS UPI in English

UPI's full name Unified Payments Interface, it's a way you can send money from your bank account at any time at any time, in your friend's account or in the account of relatives, and even if you have to payment someone, you'll be able to pay easily with the help of UPI.

You can do any kind of payment with the help of it, such as if you've bought some goods online, you can payment with UPI, or you've made some purchases on your way to the market, you can still use UPI.Taxi rent, movie ticket money, airline ticket money, mobile recharge and DTH recharge all payment you can do through UPI. And they will be transfer money in front of you quickly and immediately bank account the other one with your bank account.

The initiative to launch the UPI has been taken by the NPCI. NPCI has its full name National Payments Corporation of In, this is the institution that currently manage Pakistan the ATMs of all the banks and the interbank transactions that is being faced by them.

For example, if you have a Axis bank ATM card, you can withdraw your money by going to the ATM in the ICICI bank. Takes care of all the transactions that are taking care of these banks NPCI.Similarly, UPI can also help you send money account your bank account to the other person's separate bank.

What is the Full Form of UPI?,UPI is Full Form Unified Payments Interface

How to use UPI?

To use UPI, you must first install its apps in your Android phone. There are applications of a lot of banks that support UPI such as Andhra bank, Bank of Maharashtra, Axis bank, ICICI bank, etc.You'll need to go to the Google Play Store in your phone and find and install the UPI app for the bank bank you've account in. After Install, you have to sign in it and then details your bank there and make your account.

After that you will get a Virtual ID where you ID generate it id can be your Aadhaar card number or your phone number or that id can be a address like a email id (like sabina@sbi) after just doing so, your work is finished there.You can easily send money and take money once you've account in your UPI.

How does UPI work?

UPI IMPS is based on Immediate Payment Service system that we use while using the other net banking apps on mobile.These service can be used all the time, every day, even on holidays. And UPI works on this system, but the question arises here: If UPI and all other net banking apps work on the same system, then what is different between them?UPI is different from all those apps, how? I want to give you this example.

Suppose you desperately need money to your friend or relative and you have to send them money as soon as possible, you login by opening the apps you used to do in the earlier apps, then you have to add the person to send the money.

You have to put a lot of details while Add and for that you should know all the banking details as you should know the account number of the person, then fill in the same type of details like his IFSC code, branch name, etc. which takes a long time.But UPI don't need all these things. All you have to do is put UPI ID of the person I told you above and how much money to send can be sent easily by select.

It takes not long for a bank details to be inserted, and the other one does not need to be told which bank his account is in or what name he registered in the account. Without knowing all this, we can send money quickly and safely with the help of UPI.

there is also a limit to send money to UPI and that limit per transaction fees to send rs 1 lakh and money per transaction 50 paise, it is very low amount i.e. you will not have to spend much money to send money and you will also be able to take advantage of transfer instant money.

List of UPI Enabled Banks

(1)State Bank of India (2)Kotak Mahindra Bank (3)ICICI Bank (4)HDFC (5)Andhra Bank (6)Axis Bank (7)Bank of Maharashtra (8)Canara Bank (9)Catholic Syrian Bank 10DCB

(11)Federal Bank (12)Karnataka Bank KBL (13)Punjab National Bank (14)South Indian Bank (15)United Bank of india (16)UCO Bank (17)Union Bank of india 1(8)Vijaya Bank

(19)OBC (20)TJSB (21)IDBI Bank (22)RBL Bank (23)Yes Bank (24)IDFC (25)Standard Chartered Bank (26)Allahabad Bank (27)HSBC (28)Bank of Baroda (29)IndusInd

FAQs related to UPI (Unified Payments Interface)

1. What is UPI?

UPI, we also know as Unified Payments Interface, and it is a real-time fund transfer process created by NPCI. It works based on system IMPS interface.2. Which UPI app is right to?there are a lot of UPI apps in Google Play Store so user can choose any app that you want.

3. Is it necessary that User the UPI app of your own bank?

No. Users can any UPI app. At the same time, you know that it may be your bank or any other bank, it will not make any difference.4. What happens UPI PIN?It is a pin that is set during registration process. It is used to authorize all UPI transactions.

5. What should he do if he debit money bank account to UPI transaction a user?At such times, money often rolls within 1 hour on the account of user. And if that doesn't happen, then you must contact customer care.

6. There are times when money is deducted from account but still transaction pending show? What should be done in that case?

Such cases are often transaction processed. This pending status show because the backend of payee/beneficiary can issue server. If this issue does not solve within 48 hours, you must contact customer care.

7. Is it possible that different bank account can be link 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 UPI.

8. From which mobile platforms are the mehds where UPI can be used?We can use UPI in the platforms of Android and iOS.9. How much amount UPI can you transfer maximum?You can transfer up to maximum Rs.1 lakh of money in per transaction.10. How can I do this if I ever have to complain register?These complaint remain a option in the app for it you can only do in the UPI app.

11. What will be the result if someone ever UPI PIN enter wrong?

If a user ever PIN enter wrong, it will transaction fail going on.12. What should be done if a user is not bank name detect through UPI app?The first step should be to see that the mobile number of user should be link with the same bank account. If this doesn't happen then the app will never recognise your bank, and linking process will never be complete.

13. Can the second merchants be given payment by UPI?

Yes, of course. You can give Payments in e-commerce sites through online mode if there is UPI option available.14. How can you pay in UPI online?

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

15. Can anyone transfer bank holidays user money?

The answer is absolutely can.

What you learned today

I hope you like these articles and you must have understood what UPI is and how it works. Note Whatever money is being caused by the ban can be removed with the help of UPI.If you haven't used it yet, try it once. If there are any questions related to this article, you can comment below and ask, "I will be very happy to help you."