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Details about Unified Payment Interface (UPI) Apps


The Unified Payment Interface (UPI) allows payments to be introduced by the payer, or by the payee.   In  the  basic  payee  initiated  flows,  the  payment  request  is  routed  by  the initiating application through the National Payment Corporation of India (NPCI) switch to the payer for approval. However, in certain  instances,  where  it  is  possible  to  connect  with  the  payer
immediately,  it  is preferred that the payee dispatch a payment request to the payer, who can then initiate the payment request with his credentials.
It was launched on 11th April 2016. At the start, ten major banks — SBI, Bank of Baroda, BOI, ICICI Bank, HDFC Bank, Canara Bank, Punjab National Bank, HSBC, and Citi Bank integrated the interface with their mobile apps.

Use of UPI System:
  1. At first we need to know to use the new UPI system. How your bank is linked to the UPI platform?
  2. Second is you should have a Smartphone to use the app of your bank. The app should also be upgraded to provide the service.
  3. Next, you have to fill in the details like date of birth, registered email address and mobile phone number with the bank, etc.
  4. After filling the form, you will get the ID.
  5. Then the creation of this ID, the app can be used to perform the transactions.
  6. You will also be provided a Mobile Personal Identification Number (MPIN), which will be a standardized 4 or 6 digit numbers similar to an ATM PIN.
  7. Now perform the steps required to do the transfers using UPI without the use of alpha-numeric Indian Financial System Code (IFSC) and bank account numbers each time.

Basic Facts:
  • The transaction will be shown as IMPS Bank transfer in the bank account statement.
  • Both the sender and the receiver should have enabled UPI platform for the transaction to take place.
  • UPI system will not at all include the wallets.
  • You need not have different bank apps for different bank accounts.
  • Merchant will not be able to track even the account number.
  • All UPI-enabled banks will allow their apps to be consolidated.
  • Also no need to carry the debit or credit cards which are also sometimes lead to security problems.
  • The limit on transaction through UPI system is Rs 1 lakh.
  • One need not go to the bank for NEFT or RTGS, transaction can be initiated anywhere with a few clicks.
  • Charges can be applied depending on the amount of money transferred.
  • The service is available 24×7.

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