Unified Payments Interface (UPI) is a real-time payment system in India that facilitates instant fund transfer between bank accounts using a mobile platform. Developed by the National Payments Corporation of India (NPCI), UPI allows users to link multiple bank accounts in a single mobile app and conduct various financial transactions.
To use UPI, follow these steps:
- Select a UPI-enabled App: Choose a UPI-enabled app such as Google Pay, PhonePe, Paytm, or any other bank’s UPI app available on Android or iOS.
- Registration: Download the app and register by providing necessary details like name, mobile number linked to your bank account, and creating a unique UPI ID (Virtual Payment Address or VPA).
- Link Bank Account: Link your bank account(s) by selecting the bank and providing necessary details. The app verifies your information.
- Set UPI PIN: Set a secure UPI Personal Identification Number (UPI PIN) to authorize transactions. This PIN is needed every time you make a transaction.
- Initiate Transactions: To send money, select the ‘Send Money’ option, enter the recipient’s UPI ID or scan their QR code, enter the amount, and authorize the transaction using your UPI PIN.
- Receive/Request Money: Receive money by sharing your UPI ID or QR code. You can also request money by entering the sender’s UPI ID and amount.
UPI offers convenience, speed, and security in financial transactions. Its interoperability among different banks and simple interface has made it widely popular for digital payments in India.
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