Learn to use and install Unified Payments Interface (UPI) recently launch mobile interference payment system by Reserve Bank of India (RBI) under initiative of National Payments Corporation of India (NPCI) .
This is the start of long demanding initiative for cashless economy in India. It is expected that the UPI will be the biggest changes to take place in the financial sector.
What is Unified Payment Interface,UPI ?
Unified Payment Interface , UPI is the Rupay based payment infrastructure as like Visa and MasterCard which will allows different banks to interconnect and transfer funds.
Learn how to Register Your Card for VISA and MasterCard
It will only work on Mobile Smart phone as apps which will be downloaded as like any Banking application or Android Application and payment are made to any where in India through out year. User may transfer or pay any amount less than Rs One lacs through this application. Even the Online shopping payment are made through this application.
Read : What is the Impact of RBI Rate Cut on EMI of Loan ?
How To Install Unified payment Interface UPI ?
Customer can use and install the UPI easily. Just follow the below mentioned steps. This is to remember that UPI can be worked only on mobile with features of Apps download.
- Customer must be having a running Bank Account
- Download the UPI Apps of your bank from Google Play store or website of your bank where you hold the account.
- Connect your Bank Account
- Create an Unique ID or Virtual ID as like if your Mobile Number is 12345 and Bank is Syndicate Bank, Virtual ID will be 12345@syndicate
- Generate Mobile PIN or mPIN for Mobile Banking
- Individual Bank will be having option to link the Aadhar number
Although all the Banks are not the part of UPI currently but they have to provide this facilities within short span. There are 10 banks who are providing facilities of UPI, Unified payment Interface.
What are the Benefit of Unified payment Interface, UPI ?
The biggest benefit of choosing Unified payment Interface, UPI is cashless payment through out year without any timing restriction as like RTGS and NEFT. Currently almost all the Online Payment system are time constraint like NEFT, RTGS, IMPS or mobile payment except Mobile Wallet, where you need to keep the money. Through UPI payment are made instantly from the bank account 24×7.
Customer of UPI are need not to provide any account number or IFSC code for making payment as applicable to current any type of payment. Transaction through UPI will be done through Virtual ID. All you need is the receiver’s unique ID. Open the UPI app, select the amount to be paid, add the unique ID of the beneficiary and select ‘send’. The app will ask for a mobile pin to authenticate the payment after which it is done.
RBI Governor Mr. Raghuram rajan has confirmed that all 19 banks have partnered with NPCI, an umbrella organization for all retail payments systems, to offer services based on UPI.
Read for More Specific documents on NPCI UPI : Here
