UPI means Unified Payment Interface is a system of sending money. Till now money has been sent through NEFT, RTGS and IMPS systems. UPI is a more advanced method than these. This payment system has been designed in such a way that even common people can use it easily. The following are the special features of UPI.
Works in a smartphone :
The Unified Payment Interface System is based on the mobile app. That is, it works in smartphones using the Internet. To use UPI, it is necessary to be connected to the Internet. Currently, the UPI app is designed for Android operating system only. You must know that 80% of the world's phones use the Android operating system. In the future, UPI will also work in iPhone and Windows operating systems.
Mobile number based :
The UPI payment system takes information about your account through your mobile number. Through a mobile number, it ensures that you connect to your own account. You must be aware that nowadays all banks ask customers for their mobile number. This number is linked to their account. UPI collects your account information through this linked mobile.
It also means that if you have not given your mobile number in the bank then you will not be able to take advantage of UPI. Not only this, even if you remove your SIM from your smartphone, this app will not work.
Send money to any account :
Through UPI, you can send money to any bank account in the country. It is not that if you are a customer of State Bank, then only the customers of State Bank will be able to send money. Rather, any bank customer has the freedom to send money
A lot of UPI apps :
UPI is a payment system and can be made part of any app. Its manufacturing agency NPCI (National Payment Corporation) licenses the UPI platform. Banks are allowed to use the UPI system only. But if the banks won't, they can let some more people use UPI in their name.
Currently, there are many UPI apps due to flexible rules. Some banks have adopted the UPI system in their old app itself. Some banks have come up with a new app with the UPI platform. Like ICICI Bank has merged UPI in its old app iMobile. At the same time, SBI has launched a new app SBI Pay.
If you search UPI in Google Playstore, you will find many UPI apps. By the way, most people prefer to use their own bank app. You should also try the app of other banks and use the one which shows the most convenience. There is no compulsion to use the UPI app of your bank.
UPI app does not mean bank :
As I mentioned above, there are lots of UPI apps in Google Playstore and you can use any of them. An SBI customer can use Axis Bank's UPI app 'Axis Pay'. HDFC Bank customers can use SBI Pay. That is, there is complete freedom to use any app. You can add your account from any app.
No need to know the account number :
The biggest feature of UPI is that it is not necessary to know a bank account to send money through it. That is if you want money from someone and you do not want to tell him a bank account, then use UPI. Through the UPI app, you can transfer money without even knowing a bank account. Actually, this app transfers money through UPI address in addition to a bank account.
Money remains in the account :
Nowadays mobile wallets are also becoming very popular. You must know Paytm. These wallets are also useful for sending money. But UPIs are more beneficial than these because to use UPI you do not need to remove money from the account and transfer it to a wallet. Rather, whenever you send money, it comes out of your account. That is, you do not lose interest. While money has to be put in a mobile wallet.
Ask for money through UPI :
This is the most unique thing in UPI. You can also ask for money through UPI. Suppose you want your borrowed money back from someone you know. But if you are hesitating to call her, then resort to UPI. Through the Collect Money option in the UPI App, you can ask for a fixed amount with your friend. Your friend will get a notification through UPI. On opening it, he will have the option to Approve or Reject your request.
In the same way, any merchant can ask for money from his customers. The customer only needs to approve the merchant's request.
The security system of UPI :
I know that many people are nervous about using a mobile or internet. They are afraid of fraud from online transactions. Their fear also abounds as many incidents of online fraud are heard. However, in most cases, there is the negligence of customers. By the way, three levels of protection have been done in UPI.
- The UPI app will be able to connect to your account only when the smartphone will have the same number that is registered in your bank account. That means your phone can be transacted
- It takes a password to open a UPI app, this password is only you should know.
- When you send money to someone, you have to enter the UPI PIN. It is a four-digit PIN used only in the UPI app. Keep in mind this is not an ATM PIN.
UPI Charges :
You must be thinking that how much will this UPI cost. After all, there will be some cost for this method of sending money sitting. Your thinking is absolutely correct. It costs both the NPCI and the bank to maintain and run this entire system. But you don't have to worry too much
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