The Unified Payment Interface Is A Game Changer In India



What is a unified payments interface?

UPI stands for Unified Payments Interface. It is an Indian Government initiative to facilitate e-payments using a single identifier (Aadhaar number) instead of multiple bank accounts, credit cards or netbanking IDs. It was launched by National Payments Corporation of India (NPCI) in 2016.

UPI is a simple, safe and secure way to make payments. It allows you to instantly transfer money between two bank accounts, without typing or remembering net banking or mobile banking usernames and passwords. UPI has been developed by NPCI (National Payments Corporation of India) and it works on all banks which are a part of this system.

What’s so great about the unified payments interface.

UPI (Unified Payment Interface) is a platform that allows you to send and receive money from anyone else with a bank account on their smartphone. The biggest advantage of UPI over other payment methods like cash, netbanking and card payments is that it has been built for speed. It makes the process a lot faster, secure and easier than other forms of payments.

How to use the unified payment interface?

To utilise the How UPI payment works  system, start by creating a bank account with any one of the 21 banks participating in this initiative. After that, link your bank account to any of the 21 apps which support UPI payment interface. Finally, make payments in real time by simply exchanging your MPIN with that of your friend or family member’s.

Unified payment interface is the latest innovation for making payments. It allows you to send or receive payment from your friends and family.

Why is unified payment interface better than internet banking?

The new age UPI payment system in India allows you to make a bank payment by just entering your friend’s Aadhaar unique identity number. You don’t even have to enter their bank account details. All you need is their Aadhaar number, mobile number or virtual payments address.

UPI (Unified Payments Interface) is a payment system that allows you to send money to anyone using their mobile number or virtual payments address. It’s very quick and easy to use, especially on mobile phones. UPI has completely changed the way we make online transactions.

You can carry out money transfers using the app. This will bring in a revolution in the way payments are done in India. The app is just a tool. You can link your bank account; to any one of the 21 banking apps you download.

You don’t have to worry about apps and banks going bust. Your money is with the bank, where it belongs. UPI is a secure, fast and reliable platform for fund transfer for your everyday banking needs. There are 21 banks associated with UPI who have made it possible for you to transfer funds from one account to another; making it convenient for you to send or receive money anytime. It’s easy!

RBI has allowed only banks to become payment service providers of the UPI service. No mobile wallets can offer this service. Banks which lost ground to aggressive mobile wallets…have spotted their chance. UPI scan code is a game changer for banks.

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