Unified Payments Interface – UPI: Advanced version of Mobile Banking
What is UPI and its Advantages?
UPI means Unified Payments Interface which is an advanced version of Immediate Payment Service(IMPS) platform and built by National Payments Corporation of India (NPCI) with the vision of RBI to do banking transactions using mobile.
This allows the customers to pay bills, online purchases, remittances and merchant payments from one bank account to another bank account through their mobile online or offline by downloading this UPI App. One can do banking transactions without using credit card details, IFSC code, or net banking/wallet passwords.
UPI app was launched in April 2016 by RBI governor Raghuram Rajan.
How to get UPI app?
UPI app of the 19 PSU banks and major private sector banks can be available through google play store. The customers can download and install this app on their smartphones and use mobile banking smarter.
How to Use this app for bank transactions? Is it Secure?
First, you have to download the app from Google Play Store and install on your smartphone. After installation you to set app login and then create virtual address and add the bank account details. Finally set M-pin and start doing transactions.
It is safe. Using UPI app we can do banking transactions safely. Here customer provides only virtual address and it completes the transactions under secured environment.
What is the per transaction limit using UPI app?
1 Lakh Rupees.