What Is UPI. Benefits of UPI. How UPI Works?
What Is UPI ?
What Is UPI? Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.
How is it unique?
Immediate money transfer through mobile device round the clock 24*7 and 365 days.
Single mobile application for accessing different bank accounts.
Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
QR Code
Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
Merchant Payment with Single Application or In-App Payments.
Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based payments.
Donations, Collections, Disbursements Scalable.
Raising Complaint from Mobile App directly.
Steps for Registration:
User downloads the UPI application from the App Store/Banks website
User creates his/her profile by entering details like name, virtual id (payment address), password etc.
User goes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id
ખોટા વ્યક્તિને જો UPIમાં પૈસા ટ્રાન્સફર થઇ ગયા હોય તો શું કરવું
Source VTV
Generating UPI – PIN:
User selects the bank account from which he/she wants to initiate the transaction
User clicks one of the option –
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Change M-PIN
In the case of 3(a) –
User receives OTP from the Issuer bank on his/her registered mobile number
User now enters last 6 digits of Debit card number and expiry date
User enters OTP and enters his preferred numeric UPI PIN( UPI PIN that he would like to set) and clicks on Submit
After clicking submit, customer gets notification (successful or decline)
In the case of 2(b) –
User enters his old UPI PINand preferred new UPI PIN (UPI PIN that he would like to set) and clicks on Submit
After clicking submit, customer gets notification (successful or failure).Official Source link.
What are the Benefits of UPI?
It is a fast, hassle-free and the cheapest way of money transfer, which you can do from anywhere and at anytime
It requires just a single click authentication that involves only two factors
It requires only the UPI ID for carrying out a transaction
One does not need to share, store, or remember any sensitive information related to the account
You can easily link all your accounts to this one ID on the UPI app
With the UPI app, you need not carry cash. Even use of ATMs is not required to leave aside getting cheques encashed. Simply use the QR code scan to make online and offline purchases
One can also get payments from clients through this app’s collect payment option
It allows funds settlement in real-time
Any complaints that you have can be raised directly from the UPI app. Source link.
UPI Benifits Watch Hinid Video CLICK HERE
* Mobile Banking Registration is possible only if the mobile number (which is to be registered) is registered with the Issuer Bank for SMS Alerts/mobile alerts.
UPI can be accessed on all platforms viz. Android / iOS – The Apps have been developed by members on Android 4.2.2 and above/iOS 8.1 and above platforms. Official Website link.
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