The full form of UPI is Unified Payments Interface . This interface is initiated by NPCI (National Payments Corporation of India) and regulated by RBI (Reserve Bank of India) & IBA(Indian Bank Association) . This is the crucial step taken by government to enhance digital economy & cashless economy . This interface is safe & secure . Using this system anyone can do online shopping , transfer money , pay mobile bill , electricity bill etc. e.g. BHIM App , Paytm , Google pay and many more .
#1.Things require for transferring money :
For transferring money via UPI :
- One should have a Smart Phone
- One should have Active Bank Account & also your mobile number linked with this Account .
- Internet Connection with your Smart Phone
#2. How to Register ?
- One should download the UPI App from Play Store or Bank website
- One should create his/her profile by entering details : such as Name , virtual ID , Password etc.
- Now to go to “Add/Link/Manage Bank Account” option and link your Bank Account Number with virtual ID .
#3. How to generate PIN ?
- You have to select bank Account from which you want to start transaction .
- You will receive an OTP (One Time Password ) from the selected bank on your registered mobile number .
- You have to enter the last 6 digit of your Debit Card Number & expiry date .
- You have to enter OTP and your preferred UPI PIN that you would like to set & Click on Submit .
- After Clicking on Submit you will get a successful notification .
#4. Benefits of UPI :
- Immediate money transfer through your mobile .
- You can link Single Application with your multiple Account .
- Fast payments : Money can be transferred in real time & anytime .
- Security : This system uses Push and Pull technique . You have not to fill any details such as : Bank name , Bank Account Number , IFSC etc.
- Utility : By using this system you can pay your mobile bill , electricity bill , online shopping , money transfer & many more things .
- Single Click two factor Authentication : After completion of payment , confirmation has to sent to your mobile number .
- No need to carry cash due to instant money transfer .
- You can transfer up to Rs.1 lacs per day .