What-is-UPI-Unified-Payment-Interface-How-does-UPI-work

Introduction to Unified Payments Interface (UPI)

Lot of readers are keen enough to know about UPI. They want to know about it , as they use it . This article will provide more insight into this topic. Read it till the end . You will come to know more about it. Chances are there you too use it or likely to use it in times ahead so it makes sense to gather key information about this system . This is used extensively and since it is used widely so we must read this article in details.

UPI stands for Unified Payments Interface . It has been developed by National Payments Corporation of India which happens to be an RBI regulated body. UPI is basically an instant payment system. It is built over IMPS infrastructure. It is a convenient way of transferring money between two parties bank accounts. If you want to instantly transfer money, UPI is a very handy option you can fall back upon.

Unified Payment Interface ? How does UPI work?

How does UPI-Unified Payment Interface work?

How does UPI work ? This is a question which may interest you since it transfers your hard earned money. What it does is that , it let's you transfer money from one bank account to another instantly using one's mobile app. One can make payments via app on mobile device. It must be highlighted out here that money transfer by means of UPI works 24 × 7.

UPI Payment-How to use it?

If you are not using UPI then you may be wondering how to use it? Is it very tricky or what are the conditions required to be full filled in order to use UPI? First and foremost , it is mandatory to have a bank account and your bank should let you use this facility . Once you know for a fact , your bank support this facility then you got to download the UPI supporting app in your smart phone. One such app offering payment via UPI is BHIM. Apart from this Google Pay, Paytm, PhonePe, Amazon Pay etc are also used for instant payment by lot of users. So you can instantly make payments by using these apps. You have plenty of options to choose from in this regard.

It is worth mentioning that your mobile number must be registered with your bank account . You can also check out the list of UPI apps for further information.

There is one more relevant question that needed to be answered and the question is how to set up a UPI account using BHIM app? Read out the following paragraph to gain more information about the same.

First up, download and install BHIM app from Google Play store or Apple App store. Then you have to select your preferred language. Also make sure that you have selected the SIM which has your mobile number registered with your bank account. Once you are done with all these steps then you got to set - up a four - digit login password. When you try to access the app , this four - digit will be required. After this step, it is significant to remember to select and link your bank account. Set your UPI PIN by providing last six digits and expiry date of your debit card. As you can see it's not difficult at all. These are fairly easy steps. If you are planning to set up a UPI account using BHIM then go ahead.

Step 1: Download and install BHIM app from Google Play store or Apple App Store.
Step 2: Select your language.
Step 3: Select the SIM which has your mobile number registered with your bank account.
Step 4: Set-up a four-digit login password. You need to enter this four-digit password to access the app.
Step 5: Select and link your bank account. Set your UPI PIN by providing last six digits and expiry date of your debit card.

Conclusion

UPI is an easy way of making instant payments. Majority of the people loves to use such methods of payment , as it is hassle free . You don't have to visit your bank and make payments. It saves time and energy . People no longer likes to visit their bank for the purpose of making payments. We live in a world where time is a constraint for all. Therefore UPI has given us a great option when it comes to making payments.

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