What is UPI and its 10 benifits in money transfer.

What is UPI and its 10 benifits in money transfer.

what is upi and its benifits.

Upi means unified Payment interface (UPI) is an instant and real time payment system . it is created by National Payment Corporation of India for facilitating to inter bank transaction and reduce time of transaction .

it is regulating by (RBI) Reserve Bank Of India. it instantly transfer the fund of two bank on mobile platforms . in India 142 bank are connected with upi and it started from 2016 in India. total transactions from 2016 to August 2019 is 17.25 lakh caror during 37 month only in mobile platform . Large number of bank are connected with upi in india , like indian government app Bhim Upi App , paytm , phone pe , gpay (google pay ) etc .

what is upi

What upi and it’s 5 benifits  ?

1. Transfer of fund is free .

In the earlier days, when there was no UPI , the NEFT and RTGS to transfer 5% of money than tax was deducted for transferring 1 or 2% of it , causing loss to the customer. But the coast of Upi is absolutely free and there is no tax deduction. if you want to transfer money from Upi like paytm , phone pe , gpya , Bhim etc.

2. Small amount transfer

Some time ago you would know that when there was no api there would not have been a $ 10 or 20 $ transaction but only large amount could be transfer it was a big loss for everyone. But after API system, this facility has been available in every shop and mall. Which will benefit . Everyone, the seller as well as the customer, which is the biggest benefit of the appi.

3. instant transfer of money

Upi based on IMPS pletform system . IMPS : Immediate payment system . it is launch by Indian government in 2010 by National payment corporation of india . This system work 24×7 hour .

You can make payment by api at any time, in the day or night of holiday or any bank strike or any time you can transfer money.

It will not take as much time as NEFT or RTGS. This process will be in such a speed that if you transfer the payment once, then it will not come back, and your payment will be registered soon with instant transfer .

4 . One app use only

All your bank accounts are accessed at one place with your api, which is a big benefit that you will not have to use all the bank’s apps. You will get only one default ID which will work in all.
There are some apps in India such as Bhim App, Google Pay, Phone Pay, Paytm etc.

5. cashback 

By the use of upi app you get some Discount offer on all the platform like paytm , gpay , phonepe and other platform .

Some questions….

1. What is UPI and difference between Bhim upi ?

UPI : Unified Payment Interface
BHIM : Bharat Interface For Money

Upi is payment transfering system
who’s created by National Government corporation . it is instant and real time payment transfer system .

Bhim upi app is payment app by its you make simple and quick transaction by Upi system .

Upi is internal part of BHIM App

Bhim is also use without internet its best advantage of bhim . dial *99# by your registered mobile number .

2. How do I registered for UPI and What is Upi pin ?

If you want to registered for upi then follow this step .

1 . Download Bhim app from playstore or app store.

2 . Select lenguge and enter your registered mobile number in bank .

3 . Enter 4 digit password for login

4 . Select your bank and link account number .

3. What is my UPI ID and what us upi pin ?

When you registered for UPI at this time you enter a 4 digit pin is your
UPI ID or pin .

4. How to change upi id ?

For this i will give you a example of Phone pe app .

1. Open phone pe app.

2. Click on : My Money Option .

3. Click on : Bank account

4. click on change Upi pin

5. Enter old upi pin and new pin

How can I know my UPI ID in Paytm?

In paytm you want Upi id then follow step .

1 open paytm

2 click on upi money transfer

3 Enter mobile number and bank details .

4 Then you upi is confirm .

your upi id in paytm is yourname@paytm

5. Can I share my UPI ID?

yes, your paytm id is sharable for fast process . you have upi id then o not require bank details for login.

6. Is debit card necessary for UPI?

Debit card us necessary for first timer enter detail . second time money transfer not require UPI .Only pin number is required .

7. Is UPI pin same for all apps?

No , all the app have different upi
like , in phone pe only 4 digit pin is your Upi id . in paytm up Id is (your name@paytm ) etc.

8. Is UPI ID Safe?

Yes it is safe for money transfer

9. Which UPI app is best?

Bhim is best , because it is indian government app. also googlepay , paymt is good .

10. Which one is better PhonePe or Paytm?

From my experience Paytm is better then phone pe . in phone pe system processing of transaction is high some time phone pe get 24 hour . But paytm is faster than Phone pe .

Upi app list

Bhim app
googlepay
phone pe
Paytm
MobiKwik
Airtel payment bank
Sbi Pay
Uber
Axis pay
Bob Upi
Imobile.

Amazon pay 

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