What is UPI (Unified Payments Interface)? How to pay and receive money using UPI?

Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is a system that can manage one or more bank accounts into a single mobile application (of any participating bank), merging a few banking features, consistent fund routing and merchant payments into one hood. It additionally obliges the "Peer to Peer" collect request which can be planned and paid according to prerequisite and convenience.

A Unified Payment Interface (UPI) is a one-window system for mobile payments created by the National Payments Corporation of India (NPCI). It removes the need to enter bank information as well as other sensitive information each time a user initiates a transaction.

The Unified Payment Interface is a continuous payment system. It is intended to empower person-to-person inter-bank transactions through a single two-click factor authentication security. The interface is regulated by India's central bank, RBI. It works by transferring money between two bank accounts along a mobile stage.

With Private UPI administrations, for example, google pay and phonepe, a person can execute up to ₹1 lakh every day with 10 transaction limit for direct money moves and no restriction on the number of merchant transactions. UPI is considered in a way that is better than digital wallets as it eliminates the hindrance of misfortune in transaction charges.

The system is said to be a safe and secure strategy for transferring money between two parties, and removes the need to execute with physical cash or through a bank.

Making Payments Using UPI

This is the means by which UPI works when sending money to another gathering:

(1) You need to initially Log on to your bank's UPI application

(2) Once logged in pick the option for sending money or payment.

(3) You need to then enter the recipient's virtual id and the amount you wish to send followed by the record number.

(4) Once you get a confirmation message, do check the payment subtleties to confirm the payment.

(5) You need to then enter the MPIN.

(6) You will get a notification that with payment successful or failed message.

(Also Read: How to send money on Phonepe without KYC?)

Receiving Payments Using UPI

This will likewise assist you with understanding how to accept or decline on the off chance that someone sends you a UPI payment request from their end. For this as well, you need to log on to your bank's UPI application:

(1) Once you are logged in successfully tap the collect money option that means request for payment.

(2) You need to then enter the payer or money sender's virtual id, the amount just as the record that should be credited.

(3) On the following screen that will follow you should review and check the payment subtleties and afterward tap or click to confirm.

(4) The request money notification will be then shipped off the payer.

(5) Presently the payer needs to tap and click on the sent notification.

(6) The person opens their bank's UPI application reviewing your payment request.

(7) Payer at that point can tap on accept or decline dependent on their decision to pay your record.

(8) The person in question would need to enter the MPIN for authorizing the transaction.

(9) Once you get the payment transaction is finished, payer gets advised if the transaction was successful or was declined.

(10) As a beneficiary likewise the collector will get a notification just as text from bank once the money has been credited to your record.