What is UPI? And why is it important?

What is UPI? And why is it important?

Hello friends, you all know how much trend of cashless payment is going on nowadays, one after another, the payment app is coming in the market, if you have also used them, then you definitely have the name of UPI or Unified Payment Interface. You must have heard and if you have not heard then you must know about it. Because it is playing its big role in cashless payment, if you want any more information about it, then keep this post going forward because we will talk about it in UP, what is UPI, why is it being used so much these days And how does it work, so keeping in mind all these questions, let us know about their answers.

What is UPI? What is UPI

UPI kya hai
UPI kya hai
Friends, UPI has a full form Unified Payment System (Unified Payment Interface) It is an instant payment system launched by NPCI i.e. National Payment Corporation of India. NPCI is an organization that also manages UPI and through it Also manages transections happening.

Unified Payment Interface i.e. UPI is not designed for any single app and neither is it an app itself, different banks can use this interface for their different apps. This app provides a common interface to everyone. If you are directly speaking, if you are paying from a UPI based app, then you can directly transfer money from your bank account to another bank account. Apps may vary but UPI provides the same interface to everyone.

UPI is such an interface using which we can transfer funds from one bank to another bank immediately from our mobile. This system is not like a wallet at all. In a wallet, you can keep a little money from your bank account. You can also make a payment or transfer, but you can keep a small amount in it and the money that remains in it does not remain in our bank account, they only remain in the wallet. Whereas whatever payment you make through the UPI based app, the deduction is deducted directly from your bank account and the total amount shown to you is your bank balance.

UPI is a real time payment interface, that is, payment is received in the bank account immediately after the completion of the transection. Much like ATM works, but to withdraw money from ATM, you also have to go to ATM, but with this you can pay at home, for this you do not need to go anywhere. All you have to do is to enter your credit or debit card details in the UPI app sitting at home and after a little process you can send money directly to a bank account anywhere.

How to use UPI?

Before using UPI, you must first know whether your bank account supports UPI or not, which you can see in the list below or if you want you can also check it by visiting NPCI website . If your bank account supports UPI, firstly you can search any app related to UPI on the play store or you can also download it by visiting your bank’s website.

After downloading the app, you will have to set up your account in it, for this you first have to know whether your mobile number is linked to your bank account or not, or else you cannot use the UPI app right now, but if you have Install your book SIM card in your mobile whose number is linked to your bank account.

Now you have to open the UPI app installed in your mobile and only after opening it will ask you to select your SIM card whose number is linked to your bank account, after selecting the number, an OTP will come on your mobile which or So the app itself will detect and move forward or you have to manually insert it into the app.

Now you will be asked to setup a four digit UPI PIN. After setting it up, you will now see a list of many banks (if your app is not for a particular bank).
You have to select your bank from these and next. After this your account will be set up.

How does UPI work?

As I mentioned earlier that UPI is a real time payment interface as it uses IMPS i.e. Immidiate Payment Service which helps in making it a real time service. As you know UPI is an interface and interface means some pre-made rules and methods ie any app that is based on UPI has to implement all those methods and rules inside itself.

All the banks in India are connected to each other through Reserve Bank and every customer is given a unique virtual address irrespective of whether the customer is connected to any bank and similarly every customer can connect with each other and UPI system Is able to identify everyone.

Through this, there will be crores of transactions in a day, but this system manages the work very easily but at UPI a limit is kept per transaction and that limit is one lakh rupees i.e. you get up to one lakh in a transaction. You can pay

Why is UPI important?

  1. Through UPI we can make real-time payments.
  2. In UPI, per transaction very few have to pay only 50 paise.
  3. You do not need to get involved in various things while making payment with UPI, you just have to open the app and enter your UPI PIN and the mobile number of the one to transfer.
  4. UPI is directly connected to your bank account, so you do not need to transfer from bank to wallet and from wallet to bank.
  5. You do not need to give your important bank details to anyone to transfer or recieve money through it.
  6. You can use it anytime, anywhere.
  7. It is very secure.
  8. In this, you can have more than one account at a time.

Read More : Why PayPal Safe For Money Transfer?

List of all UPI supported banks (2021)

Airtel Payments Bank 2 Allahabad Bank 3 Andhra Bank 4 Axis Bank 5 Bank Of Baroda 6 Bank Of India 7 Bank Of Maharashtra 8 Canara Bank 9 Catholic Syrian Bank 10 Central ᅠ Bank Of India 11 City Union Bank 12 DBS Digi Bank 13 DCB Bank 14 Dena Bank 15 Equitas Small Finance Bank 16 Federal Bank 17 HDFC 18 HSBC 19 ICICI Bank 20 IDBI Bank 21

IDFC 22 Indian Bank 23 Indian Overseas Bank 24 IndusInd Bank 25 Jammu & Kashmir Bank 26 Karnataka Bank 27 Karur Vysaya Bank 28 Kotak Mahindra Bank 29 Oriental Bank of Commerce 30 Paytm Payments Bank 31 Punjab and Sind Bank 32 Punjab National Bank 33 South Indian Bank 34 Standard Chartered 35 State Bank Of India 36 Syndicate Bank 37 The Lakshmi Vilas Bank Limited 38 The Ratnakar Bank Limited 39

The Thane Janta Sahakari Bank Ltd (TJSB) 40 UCO Bank 41 Union Bank of India 42 United Bank of India 43 Vijaya Bank 44 Yes Bank 45 Corporation Bank 46 G P Parsik Bank 47 Vasai Vikas Co-op Bank Ltd 48 Thane Bharat Sahakari Bank 49 Apna Sahakari Bank 50 Rajkot Nagari Sahakari Bank Ltd 51 Punjab and Maharastra Co. bank 52 The Mehsana Urban Co-Operative Bank 53 The Saraswat Co-Operative Bank 54 Citibank Retail 55 The Kalyan Janta Sahkari Bank

56  Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd. 57 The Gujarat State Co-operative Bank Limited 58 The Hasti Co-operative Bank Ltd 59 The Mahanagar Co-Op. Bank Ltd 60 Kerala Gramin Bank 61 Pragathi Krishna Gramin Bank 62 Karnataka vikas Gramin Bank 63 Andhra Pragathi Grameena Bank 64 Prathama Bank 65 Maharashtra Grameen Bank 66 Purvanchal Bank 67 Chhattisgarh Rajya Gramin Bank 68 Andhra Pradesh Grameena Vikas Bank 69 Janta Sahakari Bank Pune 70 Bandhan Bank

71  FINO Payments Bank 72 Allahabad UP Gramin Bank 73 Saurashtra Gramin Bank ᅠ 74 Malwa Gramin Bank 75 Telangana Gramin Bank 76 Uttarakhand Gramin Bank 77 Vananchal Gramin Bank 78 Meghalaya Rural Bank 79 Cosmos Bank 80 Kaveri Grameen Bank 81 Tamilnad Mercantile Bank 82 Rajasthan Marudhara Gramin Bank 83 Mizoram Rural Bank 84 Bassein Catholic Coop Bank 85 Langpi Dehangi Rural Bank

Friends, I sincerely hope that what UPI you have given me  And why is it important? You might have liked this information about this and what is UPI and why it is used, you would have got the information now that if you think that this post can be useful to your friends, then share it with them too So that they also get to know something about this and if you want more information like this, then follow us on our social media accounts so that you can get our latest posts first.

Apart from this, if you have any question or suggestion in your mind, then definitely tell me by commenting and I will be very happy to know and answer them   . And if you have something important to say about this blog, you can also send us from our Contact us page.

LEAVE A REPLY

Please enter your comment!
Please enter your name here