How UPI Payment is Helpful?

What is UPI?

Unified Payments Interface

What are the Important of UPI?

UPI is payment architecture with a set of standard app APIs by the RBI in order to facilitate the next-gen online immediate payments leveraging trends like increased Smartphone adoption, increased app downloads and universal access to data and internet.

Why UPI transactions launched by our Indian Banks?

UPI is an initiative taken by the National Payments Corporation of India (NPCI) together with the Reserve Bank of India and Indian Banks Association (IBA). It allows different banks to interconnect and transfer funds. Immediate Payments Service (IMPS) is also an initiative of NPCI.

When started UPI transaction and by whom?

The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor of RBI at Mumbai.

UPI Payment Benefit?

·    1. It is a fast, hassle-free and the cheapest way of money transfer, which you can do from            anywhere and at anytime.

·    2. It requires just a single click authentication that involves only two factors.

·    3.  It requires only the UPI ID for carrying out a transaction

UPI Payment Safe?

There are various frauds associated with UPI payments, none of which are issues with UPI itself but are modes of deception. Therefore, it becomes important for you to secure your money from frauds associated with UPI payments. Getty Images Fraudsters can send you unauthorized payment links via SMS

UPI Limit Per Day?

The transaction limit per day for UPI transaction is ₹1 Lakh. The maximum limit for BHIM UPI is ₹10,000 per transaction and ₹20,000 in a 24 hour window. The limit may be revised from time-to-time.

Which is the safe UPI?

PhonePe is one of the best UPI payment apps you can use in India. In fact, PhonePe surpassed Google Pay in terms of transactions in December. According to NPCI, the app witnessed 902.03 million transactions worth.

Why is UPI Better than IMPS?

Added security: The UPI app is backed by the RBI and hence comes with many security features. It is much safer than IMPS or other net banking facilities. Since no bank account details or other secure data is provided, it is very reliable and safe.

IMPS Transfer?

IMPS offer an instant 24*7 inter bank electronic fund transfer service capable of processing person to person, person to account and person to merchant remittances via mobile, internet and ATMS.

Debit card necessary for UPI?

Yes. As of today, when the user tries to register for UPI, a part of the issuer validation involves entering of the last 4 digits of the linked debit card, expiry and OTP. Hence, for now the system has a limitation whereby the consumer must have a linked debit card.

Reason behind UPI Payment?

This mobile-based payment method uses VPA or UPI ID for transactions. Also, 2-factor authentication makes UPI more convenient and safer. With end-to-end encryption, UPI payments are a more secure way for online transactions making it ideal for customers and merchants.

Which Countries have UPI Payment?

Recently NPCI has launched BHIM UPI App in Singapore and it is in the process of launching it in different countries. India and China is far ahead in the world when it comes to digital innovation in financial sector. India and China are the only countries with large number of Unicorn Startups.

Help of UPI payment during Corona Pandemic Situation?

Digital payment helps you stay away from people and observe social distancing. It helps you create an opportunity where you don’t have to share anything which could transfer the virus and that is where digital payments play a very important role. From day one, the simple message to the entire mass has been to move to digital payments. Although we have a number of users, people are more comfortable with cash, and merchants are also probably looking more towards cash. The simple message is that digital payment can be done by using just your own mobile, without even having come in contact with any other device, note or anything of that sort.

When you say digital payment, UPI is there, which is inherently a mobile-based transaction and is quite popular among people who aim to stay safe using digital payments. Rupay payment and cards are also used but no doubt UPI has become more popular.

Experience about UPI Transaction

Before using this UPI payment System People have faced many problems like:

1. First thing is saving time with fewer headaches by UPI facilities.

2. For small transaction we don’t need to go to ATM. Deposit money in AC or receive small amount money from ATM is not a time waste matter or headache like previous days.

3. Collecting money easily from any Merchant, Friend, Staff or any close Relative Account at any time depend on you.

4. Buying any products as per your wish, because it couldn’t possible before at all.

5. You can pay minimum ₹1 to ₹100 for any purpose in case of Zero balance account or Salary Account, which haven’t much more saving balance.

6. UPI Payment playing a great role for fast transaction, crowd control and presenting people and Businessmen safe in “Corona Viral Critical Situation”.

“Stay at Home and Safe Your Family” Thanks…

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