What is the Full Form of UPI?
UPI : Unified Payment Interface
UPI full form is the Unified Payment Interface. National Payments Corporation of India developed Unified Payment Interface (UPI) instant is a real-time payment system facilitating interbank transactions. It allows sanding or requesting money.
There are some methods of how to send or request money-
- Account number & IFSC
- Mobile number
- Adharcard number
- Virtual payment address (VPA) or UPI ID
How Does UPI Works?
We can transfer money from one Bank account to another Bank account by mobile app. It works 24×7 basic.
You must have linked your mobile number in the bank account.
Benefits of UPI
Unified Payment Interface is a very easy way of sending or receiving money without going anywhere. You can pay and get money easily. UPI works on the internet.
Are UPI and BHIM is same?
BHIM is a separate mobile wallet app while UPI is the platform. Both are mobile apps.
5 best UPI app in India-
- Google pay
- Phone pay
UPI is very safe of the user if a person doesn’t know your UPI ID than the person cannot transfer money. You never share your UPI ID because people can misuse your UPI ID.
How to add Bank Accounts in UPI?
Step 1st – Add bank account.
Step 2nd – Select the bank name where you hold the account.
Step 3rd – Entering the last 6 digits of your debit card to verify your account number.
Step 4th – The mobile number should register in your account or UPI.
Step 5th – You can associate the UPI ID to the added bank account. UPI allow to different bank interconnect and transfer money. UPI is reliable and safe. The account holder can choose the UPI pin. UPI pin is a 4 digit personal identification number.
Features of UPI
- Simple to online transfer.
- Pay for your online shopping, food delivery, etc.
- Pay at the grocery store, restaurant, and medical.
- Mobile recharge, rent, electricity bill payment.
By using UPI we can save our time.