What is UPI and how does it work?
Many people use UPI but they do not know what it is and how it works. Friends, in today’s class we will talk about UPI. UPI full form is Unified Payments Interface. Today is the time of the corona pandemic and many people consider it safe to pay only through UPI. But those who are using UPI in the right way, do they know about it. I don’t think Let’s talk about UPI.
Find out about UPI Full Form. But do you know why it is being introduced. Today, Prime Minister of India Narendra Modi is trying a lot to give a boost to the cashless economy in our country. Promotion of cashless economy is very important as the problem of infiltration is increasing in the whole country due to cash transactions. One thing you should understand is that the role of UPI in a cashless economy is very important. Cashless economy means online payment. By the way, it is not easy to increase the cashless economy, but we should know that every difficult thing is not easy.
What is UPI?
UPI ie Unified Payments Interface is a type of rupee payment method. This method involves instant real-time transactions between two bank accounts through a mobile interface. Thus one can say that UPI is a method which allows different bank accounts to give money through a mobile app. This mode of payment has been established by the National Payment Corporation of India. Its entire operations are handled by Reserve Bank of India (RBI) and Indian Bank Association (IBA).
Today every person understands the importance of Internet, but there are still many places in India where people have not got this facility. There are many places where people do not even know what the Internet is. Well today our topic is not what the Internet is. Our topic is that UPI Full Form and its information. So we come to our point. I would like to tell you one thing that without internet you cannot use UPI. Therefore, to use UPI, it is necessary to have Internet as well as applications that support it.
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Now you guys decide what we will do if today’s cash transaction is closed. It is obvious that you will be dependent on online payment. In such a situation, we will need mobile applications and UPI. Today, people who are using online payment must surely know about Paytm, Gpay, Amazon Pay and PhonePe. Many of us may have used these mobile applications. By the way, apart from these apps, there is another way UPI, through which you can easily do the work of mobile banking. You can use it 24 hours every day at any time.
Who started UPI?
UPI has been initiated by the National Payments Corporation of India (NPCI) and is a special contributor to the Reserve Bank of India and the Indian Banks’ Association in creating it.
NPCI is the firm that handles the RuPay payment infrastructure i.e. works in the same way as Visa and MasterCard. It provides a facility to interconnect and transfer funds to various banks. Immediate Payment Service (IMPS) is also a major function of NPCI. UPI can be called a better version of IMPS.
What are UPI ID and PIN?
The UPI ID is a special type of access to a bank account that is used to perform money transfers. The UPI PIN is a 4-digit personal identification number. Through this transfer of funds is granted acceptance. The PIN can be set or reset by the account holder to avoid any kind of risk.
List of some apps with UPI features in India
- BHIM App
- Phonepe
- MobiKwik
- Paytm
- SBI Pay
- Chillro
- Google Pay
- Uber
- Imobile
- Paytm Payments Bank
- On axis
- BOB UPI