Full form of UPI– The full form of UPI is Unified Payment interface. UPI is an online digital payment mode in India. It make easier to access different bank account in a single mobile application and also allow users to transfer money between Bank accounts.
UPI has been developed by the National Payments Corporation of India (NPCI) and is regulated by the Reserve Bank of India (RBI).
Full Form of UPI: Unified Payment interface
After demonetization the mode of digital payments increase rapidly and the use of online money transfer and online transaction takes place.
There are various pros and cons of digital mode of payments that will discuss below.
Meaning of UPI
In a simple term, UPI stands for Unified Transfer Interface that allow users to access different bank accounts on single app and also provide money transfer facility between different account holder.
Registration for UPI enabled mobile application
UPI Registration steps
- The steps of registering for UPI service are as follows:
- First you have to download UPI application from play store/ Bank website.
- Now,user have to create profile by entering information/details asked.
- Then click on Add/Link/Manage option in the app and link your bank accounts with virtual id.
Note: Whenever you transact through UPI, you need to enter mPIN which has to be setup during registration process.
mPIN Registration
- For setup mPIN, you have to open the app, then it will be asked to setup mPIN for UPI payments.
- Click on it.
- One time password (OTP) will be sent to your registered mobile numbers.
- Now, you have to enter the last six digits of your debit card and expiry date of the card.
- Now, you can create your unique mPIN.
- Then click submit.
- Now, your mPIN will generate.
Note: You can also change your mPIN by following the same steps.
Benefit of using UPI
There are numerous benefits of using UPI which are as follows:
- Transfer money instantly.
- Available 24*7.
- Access in smartphone or feature phone.
- No charges.
- Transact upto Rs. 1 Lakh per transaction.
- Safe and secure.
- Single application access for different bank account.
- Raising complaint directly using app.
Transfer money instantly.
It is beneficial to transfer money instantly without visiting bank. You can easily send money to your friends, relatives, family members, merchants etc.
Available 24*7
These services are available 24*7, you can easily access these services on Sunday, public holiday and other, when bank remains close.
Access in smartphone or feature phone
The one of the advantages of using UPI is, you can easily access it on your smartphone or feature phone. It also leads to save time, you can use while travelling etc.
No charges
This feature of UPI is also one of the best, it charge no transaction fees. UPI transfer is free of cost.
So, there are various features of using UPI, here we have discussed some of the major ones.
Send or Receive money using UPI
Here, we discuss the steps to receive the money using UPI app and sending money using app which are as follows:
Send money using UPI
- First login to you Bank’s enabled UPI application.
- Click on UPI section.
- Click on Pay/Send/Make payment.
- Now, enter the payee’s VPA (Virtual Payment Address)
- Fill the amount to be transferred correctly.
- Now, select your account from which amount proceed, in case of more than one account link.
- Then, enter your mPIN to authenticate transaction.
- Click on submit.
- Now your amount will be transferred.
Receive Money using UPI
- Firstly, login to the application.
- Now, choose the option collect/request money.
- Enter the payer VPA and the amount of money to be credited.
- Click on submit.
- Now, the payer will receive the notification.
- After successful transaction from payer end, receiver and payer both will receive notification.
List of Bank support UPI
There are various banks which support UPI feature which are as follows:
- State Bank of India (SBI Pay)
- ICICI Bank (iMobile)
- HDFC (HDFC Bank MobileBanking)
- Axis Bank (Axis Pay)
- United Bank of India (United UPI)
- Bank of Maharashtra (MahaUPI)
- Punjab National Bank (PNB UPI)
- Union Bank of India (Union Bank UPI)
- Yes Bank (Yes Pay Wallet)
- Federal Bank (Lotza)
Final Words
The full form of UPI is Unified Payment interface. It is an online payment mode through which you can access your different bank account in single application. Now, with the digitalization, these types of service helps the user a lot to save time and it also reduces the bank’s burden. And the good things about this is that you can access it anywhere, anytime.
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