UPI is known as Unified Payments Interface, and it is a product of the National Payments Corporation of India (NPCI). UPI combines a number of banking elements to provide the best merchant payment and money transfer.
Instant money transfers, access to various bank accounts, bill payments, and Quick Response (QR) code payments are just a few of its features. With the help of the Upi Payment Bank App on the smartphone, you can easily get the benefits of using UPI. UPI has a lot of special features, and some of them are mentioned here:
How to use UPI?
UPI can be used in three ways in general:
- With the recipient’s account number and IFSC Code
- The sender’s UPI ID (or Virtual Payment Address, VPA)
- Scanning the UPI QR code
Complete privacy and quick money transfers are key features of this payment method. Users can also connect their UPI ID to several bank accounts. UPI contains all of the capabilities of payment methods, including RTGS, NEFT, and checks.
In contrast to single-factor authentication, which only requires users to supply one factor like a password or PIN code, UPI offers two-factor authentication (2FA). It adds a second layer of protection by using biometrics, security tokens, and one-time passwords.
To make payments using a UPI app, a Virtual Payment Address (VPA) acts as a special ID. Your bank information won’t need to be entered more than once.
Transfer funds at low or no cost
UPI continues to be the cheapest method of digital fund transmission. Many banks offer free services, while others offer small fees, like 50 paise. While there are no significant fees associated with NEFT and IMPS transactions, these methods are often suitable for minor transactions.
No requirement for registration
You must first register the beneficiary by giving the bank account information if you intend to send money via NEFT or IMPS. The beneficiary account won’t become active until after a cooling-off time.
However, there is no obligation for the registration process with UPI. Simply enter the VPA information and pay the required amount.
A universal system of payments
One Payment Bank app can access all of your bank accounts, which is one of its main benefits. A single, all-purpose UPI-based app can be used to integrate several banking accounts, eliminating the need to download separate apps for each bank.
You have the option of choosing one bank account to be the default for making payments in addition to linking the various bank accounts.
The UPI-based apps give you access to a number of advantages. These include requesting a callback from customer service, blocking and unblocking your debit card, and applying for loans and credit cards.
You can also gain access to personalized account statements, share transaction details, and have a seamless shopping experience with partners.
On your phone, download the Upi Bank App of your choice from the app store. Create your profile by providing your contact information, virtual ID, passwords, and other information. Make the necessary selections to link your financial accounts to the virtual ID and finally get the benefits of using UPI.