UPI App Wiki And Details – Best UPI Apps in India and their benefits.
UPI or United Payment Interface is a facility or payment method system through which we can manage our fund transfers, bank accounts and send money without using bank account details at the time of payment. United Payment Interface allows us to make payments with our virtual UPI address which can even be customized according to our wish and can be changed whenever we want it to change.
UPI enables us to send money without revealing our bank account details and accept payments without telling the sender about our bank account details. All we need to tell is our UPI address to which the sender will send money and the money will get automatically transferred into our bank account attached with the UPI Address.
Should we use UPI for making payments?
So this is where you might wonder whether you should use UPI for making or accepting payments or not.
Well, here are some of the very obvious reasons why using UPI is one the smartest methods to do banking without the use of complex methods.
UPI or United Payment Interface makes your banking system go simpler than ever.
What are the benefits of using UPI for banking?
Some of the most important benefits of using UPI for banking are –
- Like IMPS or Instant transfer options, UPI enables you to receive money without any delay which means that you don’t have to wait for the payment to be received at a delay like NEFT takes. With UPI, you can receive payment the faster possible way.
- UPI payment works 24X7 which means that even if the banking hour is over or there is a holiday, you don’t need to wait for getting paid.
- You need not to know the bank account details like owner’s name, bank account number, IFSC code etc of the person you are sending money. You need only the virtual UPI address and that’s it.
- A single UPI address can be attached to multiple bank accounts and you can operate using one UPI address even if you are a multi-account holder.
- You can also request money for which client will have to approve. It will enable you to send direct payment requests for the bill that your client is to be charged. Once approved the money will get deducted from the account of the client and get credited into yours.
How does UPI payment system work?
Now, you might be wondering why we think UPI is the easiest payment system you can use digitally and so we are listing the steps that are followed in the payment made using United Payment Interface System.
UPI works as a very secure but pretty simple interface.
You are provided with a Virtual Payment Address also known as VPA for UPI transactions, about which we are discussing in details in another article which we recommend you to have a look at.
UPI payment system works on the basis of direct payment through bank account using your virtual payment address.
Basically, the primary benefit of using UPI is that you don’t need to use your bank account details which means that you need to search for alternates of bank account details. UPI provides you with such an alternate for bank account number in the form of VPA or virtual private address. With the VPA, UPI payment system links your unique id with your bank account and then links everything with your personal identification number and your mobile number.
The VPA allotment for UPI is done by the bank itself which means that you need not to create one by yourself. You will get an SMS about what your VPA is from your bank which you can then customize as per your wish.
Now with that VPA, you’ll be able to receive payments directly into your bank account through the UPI or United Payment Interface system.
UPI transaction charges
Now, in case you are thinking that you will have to suffer extra transaction charges for UPI payments, please be sure that UPI is not only the easiest but also the cheapest digital payment method regulated by the government or banks. The UPI transaction charge is the least charge you are charged for online transactions.
Basically, you are asked to pay somewhere between Rs.2.5 to Rs.5 for NEFT transfers or IMPS transfers whereas for UPI system, you are charged just Rs. 0.50 which means at a cost of 50 paise only, you can do transactions via UPI.
Read more details about UPI is our other articles listed in the news section.