Why is UPI app different from others?

Posted by sonal deo on March 6th, 2017

Unified payment interface is launched by the national payments corporation of India which has brought revolutionary changes in the payment landscape in India. UPI app can be used by both the customers of the bank and holders of another bank account to transact payment. Money can be sent and received across in an instant and secure manner. UPI enable  the bank account holders to carry out fund transfer using VPA virtual permanent address without entering the bank beneficiary details like the account number, password.  

We can say that the unified payment interface app is an improved version of IMPS which has made fund transfer hassle less and secure. Now you must be wondering why is UPI better than other available options? When you use unified payment interface app you don’t need complete bank account details. You can carry out the transaction with the assigned UPI id it is sufficient for the transfer of funds across the bank accounts. You can transfer up to 1 lakh INR as per the transaction limit. The complete process works on the unique ID you don’t need the bank account details just ask for the unique ID code. There are no timely or holiday restrictions on your transactions you can carry out anytime, anywhere for 365 days.

To make funds transfer by using the unified payment interface app you need to download the app released by your bank. Once done with it enter your mobile number along the M pin number of four digits of your choice. Whenever you want to make any transaction you’ll need to enter this M pin so remember this M pin you created. Now you have to create Your VPA (VIRTUAL PERMANENT ADDRESS) the VPA is like any other email ID. Once you are done creating the VPA link your bank account to it, you can also link multiple bank accounts. To send money across click on the send options, confirm the amount sent and the money from your account will be sent to the recipient instantly and securely.

Unified payment interface app can be used to do various transactions like paying bills, regular bills, merchant bills, paying the groceries, vegetable bills. Hence, you can contribute towards a cashless society by downloading the UPI app.  UPI has proven to be a change as it has brought banking in your smart phone , so you don’t have to wait in the long queues as you just carry out the transactions without wasting time.

Unified payment interface has made transfer of funds easier as well as instant and secure. Now you can transfer money 24*7 for 365 days even on holidays including Sunday. The two factor authentication makes the app more secure. The UPI app though similar to the other banking apps has proven to be the best because of it’s versatility and the features. You just need a smart phone to download the Unified Payment Interface app install it. And get started with sending and receiving money through your mobile phone instantly and securely.