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How does the UPI system of Money Transfer Works?

It is very easy to transfer money to another person’s bank account through UPI i.e. Unified Payment Interface. Let us know about the UPI System in detail.

UPI stands for Unified Payment Interface.  It allows instant transfer of money from one bank account to another bank account.  It can be availed through mobile phone.  For this, you have to download the UPI related app in the mobile.  You can transfer money through UPI anytime night or day.

What is UPI 2.0 ?

UPI 2.0 was released on August 16, 2018, allowing users to link their overdraft accounts to a UPI identifier and pre-authorize transactions by mandating a specific merchant. for transactions. There is also an additional AutoPay feature for recurring payments.

How You Can Use UPI System ?

You should have a savings account with a bank that allows the facility of UPI.  Most banks including State Bank of India (SBI), HDFC Bank and ICICI Bank offer this facility.

To use UPI, you need to download an app that supports UPI.  Many apps including Paytm, PhonePe, Google Pay, Amazon Pay, BHIM provide this facility.  Remember that your mobile number must be linked with your bank account to avail this facility.  Your mobile number will be used for verification.

How to set UPI PIN?

After downloading the app with UPI facility, you have to select your bank.  Your bank will send you a one-time password (OTP) to verify that it is your bank account.  After the verification is complete, your virtual payment address will be created.

Using the BHIM app, you can create a UPI account like this:

  1. Download and install BHIM App from Google Play Store.
  2. Select the language of your choice.
  3. Select the mobile SIM whose number is linked with your bank account.
  4. Create a four digit login password.  You have to use this four digit password to use the app.
  5. Select your bank account and link it.  Create your UPI PIN with the last six numbers of the debit card and its expiry date.

Up Your bank account has been registered to avail UPI.  You can transfer money to another person’s bank account or send a request to someone to request money from your account.

History Of UPI :-

In April 2009 with the goal to combine all of the fee mechanism to be had within side the united states and make it uniform for retail payments, National Payment Corporation of India (NPCI) turned into formed.

By March 2011, RBI determined out that during India handiest six non coins transactions takes place each yr in keeping with man or woman citizen even as 10 million shops receive card primarily based totally fee.

Around one hundred forty five million households haven’t any get admission to to any shape of banking. There is likewise the hassle to address black cash and corruption that takes place on the whole in coins.

In 2012, RBI released a four year vision committing to building a secure, efficient, accessible, inclusive, interoperable and authoritative payment and settlement system in India. It is part of the Green Initiative to reduce paper consumption. in the domestic payments market.

Under RBI guidance, NPCI have become the number one frame with the challenge to broaden a brand new price device this is simple, stable and interoperable. As in keeping with CEO of Netmagic Solutions, UPI System have become one of the maximum a success deep tech innovation popping out of India.

Now We End Up With The Article, Hope you Like this Article.

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