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A unified payment interface is an immediate payment system using a UPI-based mobile payment application. It helps transfer money from one bank to another in just a few seconds. To make UPI transactions, you only need the UPI ID or contact number of the receiver. To make mobile transactions, one needs a mobile banking application that allows UPI usage. Users can use any application like Phonepe, Paytm, Google pay, or any particular bank app to make the transaction. The idea of UPI transactions is introduced by the National Payments Corporation of India (NPIC) with the Indian bank association (IBA) and the Reserve bank of India (RBI).
Features of UPI transactions:-
Immediate transfers: The transfers through the UPI payment system only take a few seconds.
Any time transaction – UPI payment system allows 24/7 transactions. Being cashless and digital allows quick transactions which can be processed even on public holidays.
One application for many accounts – You can use a single UPI payment application for all your bank accounts. Each account will have its own transaction sheets. You can set up each account by putting their bank details. You can even create one UPI PIN for all accounts.
VPA – VPA Or virtual payment address is a unique ID to initiate transactions. This ID is provided by the bank when the user applies for online banking.
UPI ID – To create a UPI ID, one needs to register into the payment application using the bank account details like account number, mobile number, and IFSC code.
UPI PIN – UPI is the most important feature of UPI transactions. It is used to confirm every payment made by the user using the payment application.
MPIN – mobile banking personal identification number
USSD service – UPI also provides a USSD service in which user dial *99# and chooses the service they would like to use, like requesting and sending money, fund transfer, mobile banking, etc.
This service costs 0.50 every time.
Bill sharing – when you are out with your friends or colleagues, you have a merged bill to pay. You can use UPI payment in splitting the bill and pay your part.
QR codes and Barcodes – UPI payment application allows users to pay through scannable codes as these codes contain the receiver’s UPI ID. When you scan the code, it takes you to the receiver’s VPA; then, you can enter the amount and UPI PIN to complete the transaction.
Big bills – Even large utility bills can be quickly paid through the UPI payment system efficiently, and in the same amount of time, a short statement would take.
Complaints – these payment applications welcome users’ complaints. So they can keep updating their app in order to match users’ needs. You can file the complaints directly into the application.
Limit – UPI each transaction limit is up to 1 lakh.
What is UPI ID?
After installing the application, users need to register themselves and create a unique identifier known as UPI ID Or permanent virtual address (VPA). To keep track of an individual’s account, creating a UPI ID is vital as this works as a gateway with names for all the transactions. UPI ID frees you from using long and confusing account numbers. These IDs are like email addresses easy to remember and enter during the transactions. UPI IDs are provided by the Bank of your respected account.
- The format for creating a UPI ID is your name, the first half of your email address or mobile number, and “@ with bank initials. ”
- To enable UPI transactions, UPI ID is mandatory.
- UPI ID is independent of any bank details.
Features of UPI ID.
- Users can change their UPI ID whenever they want.
- A virtual payment address can never be the same as another.
- One user can have multiple UPI IDs.
Benefits of using UPI ID
- UPI ID is independent of any account detail, which minimizes the risk of losing important banking information to another party or a stranger.
- These mobile banking applications provide inbuilt options for their users to widen the scope and convenience of the UPI.
- Transferring money using UPI ID helps in preventing any mistakes one can make while feeding long account numbers and IFSC codes.
How to set up a UPI ID?
- Download the application you want to use and assure security.
- Register your bank details.
- Create your UPI ID using the given format.
- Now “click” on continue.
- Link the UPI ID to your bank account.
Conclusion
In this article, we talked about UPI and UPI ID.Right now. UPI is the safest way of online transactions. It’s the quickest and easiest as well. UPI ID is our identification in the world of UPI.
The UPI payment system is still growing and developing every day. As consumers, we need to encourage this payment system because it does not just make our life easy but also helps our society fight corruption. Let’s all welcome a cashless world.
