How to do digital transaction through UPI
How UPI works After demonetization in India, cashless i.e. digital transactions are increasing rapidly. With government incentives, banks and other financial institutions along with the private sector are developing platforms for digital transactions. Among the many platforms for digital transactions, UPI (Unified Payment Interface) is emerging as a better platform. The government is also appealing to do transactions through UPI. Below we are telling you in detail what is UPI and how to do digital transactions through it.
How to do digital transaction through UPI?
How UPI works in hindi
What is UPI? (What is UPI?)
UPI (Unified Payment Interface) is a mobile app through which you can easily do money transactions. UPI was launched by the then Governor of Reserve Bank of India Raghuram Rajan in April 2016 with an aim to make online banking simple and convenient. This platform of digital transactions has been developed by NPCI (National Payment Corporation of India). Transactions through UPI can be done with any bank. For this, you do not need neither the account number nor any other information related to the account. Only you need to have the UPI ID of the person in whose account the money is to be sent. Not only do you transfer money from the UPI platform, but you can also do utility bill payments, online shopping, etc. To avail the UPI facility, you also need to create your UPI ID. But how? We are telling you this further.
How to create UPI ID? (How to make UPI Id?)
To generate a UPI ID, you have to first install the UPI app on your smartphone. Keep in mind that your smartphone needs to have internet access to take advantage of this feature. You can download the UPI app from Google Play Store or from your bank’s site. To create an ID in the app, you have to fill the form as per the details asked. Then you have to register your mobile number on the app. After this your UPI ID will be created. After creating the ID, you will have to generate the Mobile PIN (MPIN). You will get the mobile PIN through SMS from the bank. After this the option of “Add/Link/Manage Bank Account” will come. From here you will be able to link your ID with your Aadhaar number and your bank account.
How will your UPI ID be?
Actually UPI is a way to send money from one virtual ID to another virtual ID. You get the Virtual ID from your bank on the UPI platform. Your ID will contain your mobile number and the name of your bank. For example, if your mobile number is 1234567899 and your bank account is in Punjab National Bank, then your UPI ID will be 1234567899@pnb.
How to send money through UPI? (How to transfer money from UPI) –
Now when you have to send money to someone, then you have to enter the UPI ID of the beneficiary in your app and the amount to be sent, the amount has to be filled in the specified column. After confirming both the information, you have to press the Pay to option. After this you will be asked for mobile pin. After entering the mobile pin, the prescribed money will be transferred from your account to the account of whom you are sending.
How much money can be sent through UPI? (UPI transaction limit) –
A minimum of 50 rupees and a maximum of 100000 rupees can be sent in a day through UPI or you can order.
Features of UPI App (UPI app features) –
- Through this, banking service is available at any time through mobile phone and money can be done instantly.
- Payment is done on a single click using Virtual ID.
- Neither OTP (One Time Password) nor any card number, neither account number nor bank branch code i.e. IFSC is required for payment through UPI ID.
- Through UPI app, you can easily share any type of bill with friends or any other people.
- Utility bill payments, online shopping, barcode scan payments and even small over the counter payments are also available with this app.
- The biggest feature of UPI is that you can directly register any transaction problem on this platform.
Who will be liable for transactions under UPI?
- Payment Service Provider
- money transfer bank
- receiving bank
- NPCI (National Payment Corporation of India)
- Bank account holder
Who will benefit from UPI?
benefit to banks
- Cash withdrawal and deposit reduction.
- Controlled crowd at the cash counter in the bank.
- Secure transactions with accounts.
- No separate infrastructure is required.
- Customer verification in a single click.
- Comfortable and efficient in business transactions.
Merchants benefit How to do digital transaction through UPI
- Ease of collecting money from customers in a safe and secure manner
- Profitable and suitable for e-com
- Access to unbanked customers by credit card, debit card and online banking.
- Freedom from queues in banks.
- Freedom from worrying about online fraud.
Individual customers benefit How to do digital transaction through UPI
- Seamless and secure banking round the clock.
- Identity verification in a single click.
- Free from the hassle of any kind of card or OTP for payment.
- Facility to lodge complaint through UPI app itself.
- Protection of real identity using Virtual ID.
- Transaction facility with different bank accounts from a single app.
Which banks are providing UPI facility? (UPI bank list) –
At present, 21 banks including many big banks of the country are connected to the platform of UPI. These are all – SBI, ICICI, HDFC, Andhra Bank, Axis Bank, Bank of Maharashtra, Bharatiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank Of India, United Bank Of India, Vijay Bank, South Indian Bank, Yes Bank, Punjab National Bank. UPI apps of all these banks are available for smartphones with Android facility.
What to do if mobile is lost?
If the phone in which your UPI app is lost, then you should first block that mobile number. Anyway, no one can transfer money from your account without mobile PIN. So never share the mobile PIN of your UPI app with anyone. When you get a new mobile after losing the mobile, you will have to reset the mobile pin once again after downloading the app and generate a new pin number.
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