How to use UPI? What is UPI?

UPI stands for Unified Payments Interface is an instant real-time payment system. Every shop at every corner of India started accepting UPI payments. You do not need to carry a wallet every time go out, you can use UPI App on your smartphone to purchase anything that you want. It is very secure and safe to use UPI.

What is UPI?

UPI is developed by the National Payments Corporation of India (NPCI) in the year 2016 and is regulated by the Reserve Bank of India (RBI). UPI works by instantly transferring funds between two bank accounts on a mobile app. The platform has 150 million monthly active users in India with plans to achieve 500 million by 2025.

Features of UPI :

  • Easy to use and works on 24×7 basis
  • Pay at online shops, groceries and restaurants instantly
  • Book travel tickets, utility bills, mobile recharge, and transfer money to any account online
  • UPI is very secure as UPI transactions use highly secure encryption format

UPI Apps :

  • BHIM (Owned by NPCI)
  • Google Pay
  • PhonePe
  • Paytm
  • Mobikwik
  • WhatsApp Pay
  • Samsung Pay
  • Amazon Pay

How to set UPI?

You can use any UPI app to pay and transfer money from and to UPI-enabled banks. Almost all major banks support UPI. Your mobile number must be registered with your bank account for verification purposes.

To set up UPI you need a UPI-supported bank account. Using any UPI app you can set UPI ID and UPI pin. Before creating a UPI ID you need to verify your account using a debit card. Now you are all set to use UPI.

How to transfer money?

You can scan the QR code to pay directly to the receiver. Other methods include using the Virtual Payment Address (VPA) of the receiver or using account number and IFSC code. There is an upper limit per UPI transaction of Rs. 1 lakh per account per day. Banks can also set their own sub-limits for transactions.

Happy UPI !!

Have you started using UPI? Share your experience in the comment section.

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