New Delhi: Central government has taken strong moves in order to limit the problems evoked due to demonetisation , which includes Promotion of digital transactions. In support of which, 20 government and private banks made a tie with with UPI (Unified Payment Interface).
UPI was launched by the National Payments Corporation of India (NPCI) in April. Any banking customer can download the UPI app from the play store and access it.
UPI is a system of online bank payments. Make Payments using UPI, all you need to know is the UPI ID of the person to whom you have to transfer the money. The UPI Is is just like your e-mail Id ,it can be your name, aadhaar card number or phone number. For example, if your phone number is 9451….. and you have a account in SBI, then your UPI Id can be 9451…@SBI .Along with this, you can create multiple UPI Ids for multiple bank accounts. It also reduces data threat as UPI does not shares your bank account number with anyone else apart from your own bank so that you can share your UPI Id without worrying.
UPI had made payments easier for common people. To For example, when you buy anything from a supermarket, instead of giving cash to the cashier, you can simply give your UPI ID and the cashier will produce an invoice using your id and send it to your phone. Once you approve it , your payment will be done.
UPI can also be used for online shopping as well. By using your UPI Id, you can skip the formal method of entering your debit card number, expiry date, CVV code, OTP etc and simply do the transactions by the alert message send on your phone. You don’t even have to know the name, account number or IFSC code of the person you are sending the money to. All you need to have is a mobile phone and you are all ready for transactions.
UPI also provides the facility to borrow money by a sending a borrow messege.UPI is an improvement of IMPS and an extension of NPCI. IMPS provides the facilities to do make payments 24*7. As UPI needs your smartphone to make payments, it is one of the safest platforms for transactions.
