What is Unified Payment Interface app?

Posted by sonal deo on March 30th, 2017

Unified payment interface is a system that enables you to link multiple bank accounts, helps you merging several bank accounts, funding roots and you can make merchant payments all under one umbrella. It serves on peer to peer collect request where you can send and receive money as per your requirements.

UPI is enabled by the national payments corporation of India. With the virtual payment address you can carry out the transaction without having bank beneficiary details like the bank account number, the debit card number, the passwords and all.  UPI is a payment system that allows the transfer of funds between two bank accounts. The unified payment interface app works on mobile. Sending money using the UPI app is as easy as sending a message or a push forward message. You don’t need to share your bank account details which are confidential.

UPI is one of the most advanced digital payment system which is prevailing. Even while using the IMPS you need to share the IFSC code but with Unified payment interface app you don’t need to share this too. You can carry out money transaction even on bank holidays and Sundays also 24*7. Every UPI user will have his unique ID. This unique ID is the virtual payment address which is assigned to the users and which is necessary while making any transactions. You can choose the VPA similar to the mail address. So when you want to carry out any transactions you can simply exchange the VPA to receive or send money across.

What are the benefits of the unified payment interface app ?

• With UPI you can transfer immediately. No restrictions for sending money on holidays as you can send and receive money across even on Sundays also holidays 24*7.
• You don’t need the bank details like the account number and the IFSC code of the recipient to carry out the transaction.
• You can carry on the transaction from any bank using a single app.
• You are not required to wait for 24 hours to send money to a new payee. The money will be received immediately.
• You can even use it while cash on delivery, you won’t pay cash to the delivery boy. You will just need to approve the bill and the delivery boy would receive the cash immediately.

How to get UPI ?

As stated earlier UPI app is a payment system that works on mobile application. So you will need to have a smart phone and internet pack to carry out the transaction. You can download the unified payment interface app from Google play store. Sign into the app  and register on  the app. Create a M pin password. You will need this password during all the transactions.

How Safe is using UPI App for our daily transactions:

It is as safe as the internet or mobile banking. To transfer money using Upi  , one has to go through two factor authentication. To have access to the UPI app you need to insert a pin. To transfer the money you have to again insert a MPIN or UPI pin.