What is UPI? | What are the uses? | Last Blog of the Year

From Last few day, You probably have heard about UPI.. If you have not heard it, i'm going to tell you about it  because coming days you will hear about it a lot. so firstly

What is UPI?

UPI is the short form for Unified Payment Interface, which can be used to transfer money from any of your Bank Accounts to anyone Instantly

Digital India is most aspired dream for modern day India.. Even though there are more smart phone users in India Mobile Banking as not been implemented as forcasted.. NEFT, IMPS have there own limitations. UPI will eliminate those.

UPI is the Idea of National Payment Corporation of India(NPCI) with support of RBI

NPCI is the institute currently maintaining ATM's and in-charge of Inter Bank Transfer.

How to Use UPI?

UPI is mainly concerned with mobile banking, so for the convenience all major Banks have UPI apps available on respective stores/market places. I strongly recommend to download these apps from stores itself.

Is there difference between NEFT, IMPS and UPI

Yes, there is.

• National Electronic Fund Transfer: To transfer amount you should add all bank details, get approved then you can transfer which also depends whether bank is open or closed. So it is very time consuming.

• IMmediate Payment Service: It is a very good services and gives faster transfer(almost immediate). But same as NEFT you have to enter all the credentials of others bank account and this is also used only for bank to bank transfer not other services

• Unified Payment service: This similar to IMPS but with more features. when you register for UPS you will get an ID which can be shared to others to get money transferred no need of account no, full name, IFSC code etc. the id is enough and fund transfer is immediate

What is the difference between Wallet and UPI?

the difference is very simple

you add money to the wallet through the bank account and use money through wallet and if you want that money back you need to transfer/withdraw to your bank account

in UPI the money is directly transferred from bank accounts.

Where UPI can be used?

 UPI can be used everywhere, from grocery stores to bill payment. You can send and recieve money instantly with any business/merchants/sellers

The transaction limit is 1 Lakh Rupees and transaction fees per transaction is 50paisa

currently this service is in starting pace and is currently used for Inter-bank or Intra-bank transfer only.. In coming days you can pay hotel bills, college fees, taxi fares instantly using UPI

This is an wonderful initiative for cashless India and Truely Digital India

What about the security?

After lot if news about Hacking this days. the first question is how is my money secure while I'm using very vulnerable device

It is maintained by NPCI so no fear about security, because it gives world class encryption

add-on to that you get strongest measure in cyber security Two-Factor Authentication(email verification and OTP verification)


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