UPI – Unified Payment Interface
Concept – What is UPI ?
Like you have an ATM card and pin and you can take out money from any ATM. All banks are connected via network. So now with UPI, you will have username(VPA – Virtual Payment Address) which can be mobile number/adhaar card/or a id like username) and pin and you can transfer money to anyone
1 Lakh as of now
What are the uses ?
1) Send Money to anyone’s bank account
2) Request Money from anyone’s bank account
If you don’t want to use VPA you can use person’s IFSC code, bank account number also.
What are the advantages ?
1) Works 24*7,unlike NEFT
2) No need to remember IFSC code,Account Number, Bank Name etc, just a user id for fund transfer
3) Your phone number is not public like it’s in case of Paytm, mobikwik and other online wallets
4) When you load money in the online wallets, no interest get applied on it. If the money is in bank, you will get 4%+ saving interest.
5) Very safe , supported by RBI. You can check this link by NPCI – National Payment Corporation of India
What are the disadvantages of UPI ?
1) No coupon codes. If you pay a seller you will not get any discount like you get in Paytm,Freecharge
2) Only work with smartphone app
Never ever share your password with anyone to keep your money safe
How to use UPI ?
Below is an image obtain from www.Indianmoney.com which very well explains the concept of how to use this technology
Is this secure ?
Payments are authenticated by using MPIN(Mobile PIN) which is 6 digits and not 4.
Here is a video explaining the concept in detail
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