UPI is mainly used to send money. In today’s digital era, UPI has great importance. UPI is an application through which online fund transfer facility is available. Through this UPI, a person can easily transfer his funds any day or at any time. In this fast-paced world, time is very important, due to which one does not have to waste time in doing small tasks, hence the importance of this online transaction has increased even more. Money transactions through UPI are done in a very short time and in a secure manner. In this, for online fund transfer, you have to create a UPID, without which no online transaction is possible.
In India, before demonetization, the importance of online transactions was very less, people preferred to exchange money in the form of cash, but after demonetization, there has been a huge increase in such online transactions, and today In these times, a large number of people are easily doing online transactions using UPI, but there are still many people who do not have complete knowledge about UPI. Therefore, in this article we are going to give you information related to what is UPI, how UPI works, and how to transfer money through UPI.
What is UPI ?
UPI whose full name is ‘Unified Payments Interface’. It was created by National Payments Corporation of India (NPCI) . It is affiliated to the Reserve Bank of India. UPI was started on 11 April 2016, it can be used only in India. This is a new method of online fund transfer designed like an application. By installing it in your Android phone you can easily send money.
Even IFSC code is not required in this. You just have to download the UPI app in your smart phone. In this app, you can do your work easily by creating your ID. In this, you can transfer money from one account to another in real time, at any time and within a few moments. The system through which money is transferred in UPI is called IMPS.
How does UPI work?
- To use UPI you must have a smart phone.
- After this, you have to create a virtual payment address to avail the services of UPI.
- After this you link this ID to your bank account.
- Your virtual payment address is established as your financial address.
- When you create UPI ID, you do not need bank name, account number and IFSC code.
- The person making the payment just has to process your mobile number and make the payment, after which the money comes to your account.
- You can use your UPI only after creating an account.
- At present, there are many apps like GPay, Phone Pe, Paytm, Amazon Pay, on which you can use your UPI ID.
- For this, you just have to link your bank with the selected app, and after filling the ATM details, you can use your UPI ID.
Features of UPI
- In this, IMPS method is used to transfer funds, it takes very less time to transfer funds as compared to NEFT.
- It is a digital platform, due to which it can be used at any time, and can be used even during holidays.
- You can make transactions from any bank account simply by using a mobile application.
- The virtual payment address used in this is operated by the bank.
- Money is transferred using mobile number and IFSC code.
- Every time you make a payment, you have to enter the M-Pin.
- Even if you have a phone without internet, you can still avail the services of UPI by dialing *99#.
- Every bank has its own UPI platform, which is developed according to the operating system of the mobile (Android, Windows, Apple).
- Bill sharing facility is also available in this.
- In this you can also pay your electricity, water and any shopkeeper’s bill.
- You can also complain through the mobile app.
Benefits of UPI
- Through UPI you can send or receive money in a very short time.
- You can also pay all your bills through UPI.
- In this you can get information about your balance whenever you want.
- You can send a request for money.
- In this, along with generating OTP, you can change PIN and create PIN.
- In this you can change and create Virtual Payment Address.
- You can link and remove your bank account from UPI.
- You can see the history of all the transactions done by you.
- You can create QR Code.
- You can make any kind of complaint related to the transaction.
- You can see the complete details.
UPI App Names
- SBI Pay.
- PNB UPI.
- HDFC Bank Mobile Banking.
- Baroda MPay.
- Union Bank UPI App.
- Axis Bank Pay.
- ICICI Bank Pockets.
- G Pay.
- On phone.
- BHIM UPI.
- PayTM App.
- UCO Bank UPI.
- Yes Bank Pay.
- Vijaya Bank UPI.
- eMpower Canara Bank UPI.
- OBC UPI.
- MAHA UPI.
- Kay Pay.
UPI Transaction Limit
The daily transaction limit in UPI is up to Rs 1 lakh, which you can send only within India. Within this limit, the bank gives you the facility to do about 20 transactions. You can pay up to Rs 1 lakh in these 20 transactions only. Your entire day will continue as per the conditions applicable for each day. This means if you have already paid Rs 1 lakh in the first transaction, your second transaction will show as failed. Apart from this, if you send only Rs 1000 in 20 transactions, and do the 21st transaction, then that will also fail. Because your transaction limit has been reached. In this way, your daily transaction limit is Rs 20K and payment limit is Rs 1 lakh.
How to create UPI ID?
- To create a UPI ID, you first have to create your profile, for which your mobile number should be registered in your bank account.
- After this, download the UPI app you want to use from Play Store.
- After this enter your registered mobile number in the UPI app.
- After the mobile number is verified, your profile is created in the UPI app.
- After this, you have to add your account by clicking on the Add Account option and entering your account information.
- The option of Virtual ID opens in front of you, on which you have to click.
- After this you set your PIN, for which you have to fill your debit card information.
- After the PIN is generated, a message of success of PIN generation comes on your mobile phone.
- After this your UPI app is ready to use.
How to generate UPI PIN (UPI PIN Generate)
- To generate UPI PIN, first open the UPI app.
- After that you must enter your password.
- After this, go to the Select Bank option and select the bank.
- After selecting the bank, select the option of Set UPI PIN.
- ATM card information has to be filled, in which you have to enter the last 6 digits of your debit card along with the expiry date of the card and click.
- After this, an OTP comes on your registered mobile number, enter it and proceed.
- After this you will have to fill the UPI Pin and click on the right button.
- After this you have to confirm your PIN by entering the same PIN once again.
- In this way your UPI PIN is set.
- After this, a message appears on your screen that the UPI PIN has been successfully set.
How does UPI transfer money?
Transferring money through UPI is quite easy. For this, you should have any UPI app like Phone Pay, Paytm, Google Pay, BHIM etc. in your mobile, which has to link the UPI app to your bank account. After which you can use it. Through UPI, you can link one bank account to multiple UPI apps.
What is UPI payment and how does UPI work?
Launched on April 11, 2016, UPI is a real-time, single-window payments program that allows users to transfer payments from one bank account to another in real time. UPI enables the user to transfer cash securely, discreetly and efficiently without disclosing any bank-specific information.
How much money can be transferred through UPI?
These days, people in the country are heavily transacting through UPI, it has made it easier to make payments. But you cannot transfer more than Rs 1 lakh through UPI in a day. National Payment Corporation of India has set a limit of transferring up to Rs 1 lakh in a day through UPI.