Unified payment interface app makes country go cashless

Posted by sonal deo on April 27th, 2017

The unified payment interface app is regulated to reduce the cash heavy economy.  The UPI app has been successful in eliminating the cash heavy economy and thus helps a lot during the period of demonetization.  The people use the unified payment interface app to pay the hotel bills, phone bills, the delivery boy, the grocery bill etc. The UPI app is thus a better replacement for the cash payments. 

Earlier people had to make payments using the neft, the IMPS services.  But now the person has been able to make these payments faster in a safe a secure manner through the unified payment interface app. The UPI banks works on the two factor authentication factor hence, it is more secure as compared to the other payment services. When you make the payment you will get a confirmation message and thus the transaction is carried out within the fraction of seconds.  If the person declines the request the transaction stands Cancelled. Using the UPI app the person can pay the merchant bills up to 1 lakh with nominal transaction charges of 50 paise which is very nominal.  So to carry on the transaction seamlessly all things one needs to do is download the app from the Google play store and sign up on it.  Once the person sign up on the unified payment interface app he or she needs to create the virtual Id.  An id is similar to that of the email Id like the yourname@bankname. So the next time anyone wants to make any payment you don't need to have your bank account number the IFSC code and the other required numbers.  Just exchange the virtual payment address and carry on the transaction seamlessly. 

Earlier when a person had to carry on the transactions a person needs to have the branch name, the account number, the ifsc code and it's a log list.  So with unified payment interface app you don't need to remember the bank beneficiary details.  The amount you pay to the recipient gets deducted from the bank account of the sender.  Hence, it is safer and easier to use the unified payment interface app.

The unified payment interface app allows you to make transfer to your friends, family etc. With the UPI app an individual can link several bank accounts to one single interface.  So if a person is using multiple bank accounts, he does not need to download different UPI apps.  He can link them to one single app and carry on the transaction. Earlier when a person had to carry know about his account balance he had to visit nearby bank branch to more about or the atm center.  But now he can simply request it on the UPI app and he will get the account balance and even the statements of the transactions he has done. 

One can make transaction using the Unified Payment Interface app of INR 50 minimum and 1 lakh maximum.