How to transfer money using UPI

Digital payment and cashless is the new and upcoming way of payment system and the recently launched Unified Payment Interface (UPI) is likely to gain popularity with the government's recent move of banning Rs500 and Rs1000 notes.

UPI enabled apps allows transaction to be done through any smartphone, using VPA-Virtual Payment Address. It reduces the cost of transaction compared to ATM or cheque. It is to make payments convenient and enable users to complete transactions in lesser time by reducing the number of steps. The transactions done through UPI app can be done 24/7 with immediate transfer of money from one bank account to other. The main attractive point of UPI is the money is all these transactions can be done without sharing any personal details like bank account or credit/debit card number. UPI-enable app allows transfers up to Rs.1 lakh and charges 50paise per transaction.

We tell you how to transfer money using UPI enabled apps

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Unified Payments Interface (UPI)-payments without entering bank account details

The National Payments Corporation of India (NPCI) has announced that Unified Payments Interface (UPI) application has become operational. 

The application will allow customers to make easier real-time payments via digital means using smartphones. 

Key Facts 

The payment gateway became operational after it received the Reserve Bank of India’s clearance that allowed banks’ UPI applications to go live on Google Play Store. 

Initially, the UPI will be available only on the Android mobile operating system. It will be going live with 21 banks in the first phase. 

Unified Payments Interface (UPI)

UPI is a flagship product of NPCI that will help India to move towards a cashless economy. It is a set of standard Application Programming Interface (APIs). 

It will provide uniform mobile payment system by leveraging digital trends such as increasing smart phone adoption and deeper penetration of mobile data. 

It will allow customers to send and receive money from their smartphones using virtual payments address without entering bank account details. It facilitates ‘virtual address’ as a single payment identifier for sending and collecting money and works on single click 2 factor authentication. 

It works as a single identifier that will eliminate the need to exchange sensitive information such as bank account numbers during a financial transaction. 

It merges several banking features, seamless fund routing and merchant payments into one hood. Thus, it will be a single app for accessing different bank accounts. 

It also provides an option for scheduling push and pull transactions for various purposes like sharing bills among peers. 

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