NPCI Made UPI or Unified Payment Interface has made payment Transfer Essay. With the Help of UPI, you can Transfer Money from One Account to Another Account with the Help of a Mobile Number Only. Many Banks and payments have started This UPI Service in their Mobile App itself. It Includes Kotak Mahindra Bank, ICICI Bank, and Airtel Payments Bank. The name of the Service is “Pay Contact” or Pay Your Contact”.
What is UPI or Unified Payment Interface?
UPI Stands for Unified Payment Interface. It is launched by the National Payments Corporation of India or NPCI. UPI is a Payment Interface Used For Sending Money From One Account to Another Account. It is Like Sending Money Through NEFT, RTGS, and IMPS. The Difference Between UPI and NEFT, RTGS, and IMPS is that In UPI You need Only a Mobile Number While in the other 3 Payment Methods You need an Account Number and IFSC Code of Beneficiary. You Don’t Need Net Banking or Account Number or IFSc Code dor Doing UPI Transaction. You need Smartphone, Bank Account and Mobile Number Linked with that account Number.
Also Read- Google Pay – Know Everything Here
How does UPI Works?
You need to Install UPI App. Install UPI in that Phone which has Mobile Number Linked with Your Mobile Number. After Installing UPI App enter Mobile Number which is Linked with the Bank account which you want to link in UPI APP. It will ask For the Bank Account which you want to Link. It will Automatically Fetch all the Bank Accounts Linked With Your Mobile Number in The bank Which you Have Selected. Select One Account and Enter the last Six Digit of your Debit Card. Click on Next. Enter Your ATM Pin and OTP Received on your Mobile Number. After Entering Set six Digit or 4 Digit UPI Pin. This Pin will always be asked whenever you check Your Bank Account Balance or transfer Money to Other Bank Account.
Currently, you have UPI apps such as Amazon Pay, Google pay and PhonePe, Paytm, UddanPe for UPI Transaction. Many Banks are also Introducing UPI in their Banking App itself only. You don’t need to set up UPI in Banking Apps. you Have to Just Click on “Pay Contacts” or “Pay Your Contacts” in Banking App. Till now Kotak Mahindra Bank, ICICI Bank, and Airtel payments Bank Introduced UPI Feature in their App Only.
How To Send Money From Banking Apps Through UPI ?
For Using This Service Open Your Mobile banking App. On that App Click on “Pay Contacts” or “Pay your Contacts”. Enter Name/Mobile Number/UPI ID.. Click on search. The app will automatically find the UPI App in which your contact has UPI Apps such as Paytm, Google pay, Phonepe, Amazon Pay, and BHIM Installed. Select the UPI on which you want to send the Amount. After Selecting App you will get the UPI Address of that contact. Enter the amount and click on send option. Your amount will be Sent.
How Much UPI Transaction Increased
In the last 14 Months i.e. from April 2020 till June 2021 Phonepe Onboarded 50% of New Customers on its Platform. Now People are Doing Mostly Transactions such as Paying Utility Bills, Pharmacy, and other Small Items such as shopping from Local Shops from UPI Enabled Wallet. Amazon Pay CEO Mahendra Nerurkar tell that in April 2020 amazon started Amazon pay Later service. From Then 2 million or 20 lakh customers joined amazon. Till June 2021 more than 1 Crore transacactions have Been Done on this Platform. Amazon Pay Later Work on UPI.
Whatsapp Pay have also included itself in the List of UPI Based App. According to a Rport in Recent Times UPI Transactions have Seen 30% Surged.