Importance of UPI app

Posted by sonal deo on April 14th, 2017

UPI which is unified payment interface app was designed in order to lead for a cashless society.  The UPI is a payment interface which enables you to make payments through a single interface from multiple bank accounts. Unified payment interface app was earlier adopted by 21 major leading banks, but now there are more banks that have taken up UPI due to its features, given its interoperability and flexibility. 

Unlike the IMPS and NEFT UPI is more flexible. You can make payments for 365 days 24*7 even on Sundays and bank holidays. Also the transfer of funds that take place happens through the two way verification method. So it is secure and you need not worry about fraud or other cases.

When you use the UPI app for making payments you don't need other details like the bank account number, the branch name, the IFSC code which was earlier required when you wanted to make any payment.  But now you can send and receive money easily just lime push and pull email. You don't have to remember the numbers.  Instead just remember the unique virtual I'd which is called as the virtual payment address VPA.  When you want to carry out transaction using the Upi App you can simply ask for the VPA code.  Once you have the recipients VPA you can easily send money without asking about the beneficiaries’ bank details.

UPI can be thus used to make any payments you will just need a smart phone which is registered and internet.  Then you don't need to carry you cards or cash you can simply make the payments, and the money will be deducted from your account. 

The two way verification is a different factor that is important as when a person wants to send across using the Upi App.  He can simply sign in, put the recipients’ VPA, enter the amount that is to be sent and press enter.  He will get a confirmation text message whether he or she wants to carry on with his transaction or not.  If he or she accepts the messages the money will be send across instantly from his bank account, if he declines the transaction stands cancel. 

Hence, Upi App is very simple and owing to interoperability it is has become famous. You can link multiple bank accounts to one single Interface.  You need not worry about downloading the app all the more again for a new bank.  You can simply download the app.  Link multiple bank accounts.  And you can use any of the linked accounts to make payments.  Also you can check the current balance of these accounts.

The flexibility of the app has thus increased the popularity of the app, thereby increasing the number of users of the unified payment interface app. On unified payment interface app you can make transactions up to maximum Rs 1 lakh and the minimum cash transaction limit is Rs 50.  The cost per transaction is 50 paisa which is very nominal. Hence, Upi App is a one stop solution for all the banking questions.

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sonal deo

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sonal deo
Joined: January 6th, 2017
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