Let's get information about UPI. First of all, what is the full form of UPI? UPI stands for Unified Payments Interface, the latest means of making internet-based payment payments.
To use UPI, you need a bank account, its associated mobile number and a mobile app. If your smartphone has an UPI app then you can easily transfer money.
|What is UPI and How is it Used? Advantages and Disadvantages of UPI.|
VARIOUS MODES OF PAYMENT PREVALENT BEFORE UPI
What is UPI? UPI Information
Your bank's UPI app allows you to register a Virtual Payment Address (VPA). Using which you can provide an ad-hoc payment.
The format of the VPA is similar to that of an email address, for example, something like this:
VPA Example: username@bankid
You can make the payment immediately by entering the VAPA ID of any beneficiary on your UPI app. The facility works 24 hours a day and seven days. Even on Sundays and other holidays, you can make money transactions with it.
Advantages And Limits Of UPI
- This facility works on real time basis which means money is hand-in-hand transfer
- UPI works 24 hours a day and also on holidays
- You only need to know the VPA address to transfer money. You don't have to remember IFSC code, bank account number or MICR etc.
- Every day you can transfer up to Rs. 1 lakh through UPI, but all the banks have set different limits per transaction.
- Payment can be made immediately by UPI in an emergency. Apart from this, bill payment from UPI, online shopping and QR code scan can also be made to the shopkeeper.
- UPI facility is available in almost all banks. By the time of writing this article, about 150 small and big banks are providing UPI facility.
Disadvantages of UPI
How To Use UPI Safely?
- Always keep your mobile and UPI apps updated
- Don't give your mobile to any strangers.
- Don't make spelling mistakes when typing VPA address
- When you enter someone's VPA address to transfer money, their full name appears in the app. Verify that name before making the payment.
- Do not tell any unknown person any type of OTP, card number, account number, CVV number, etc.
- Some thugs transfer a small amount of money like 10 or 100 rupees to lure you. After that, they try to transfer the money by trapping you in the trap. Please don't get lured or else you may be cheated.