What Is UPI? UNIFIED PAYMENT INTERFACES

UNIFIED PAYMENT INTERFACES?

WHAT IS UPI?


Unified Payment Interface (UPI) is a smartphone application that allows users to transfer money between bank accounts. It is a single-window mobile payment system developed by the National Payments Corporation of India (NPCI). UPI is built on IMPS infrastructure. This eliminates the need to enter bank details or other sensitive information every time a customer initiates a transaction.


The Unified Payment Interface is a real-time payment system. It is designed to enable peer-to-peer interbank transfer through a two-click factor authentication process. It is regulated by the Reserve Bank of India (RBI), the central bank of India. It works by transferring money between two bank accounts with a mobile platform.


The Pilot system was launched on 11 April 2016 in India. In August 2016, banks across the country started uploading their interfaces.


FEATURES OF UPI


  1. Fast transfer of funds through Immediate Payment Service (IMPS) which is faster than NEFT.

  2. Since it is fully digital, you can use UPI for 24 hours and on all public holidays.

  3. Single mobile application for accessing various bank accounts.

  4. Uses a virtual payment address which is the unique ID given by the bank.

  5. Uses an account number with an IFS code and a mobile number with an MMID or mobile money identifier.

  6. MPIN or Mobile Banking Personal Identification Number is required to confirm each payment.

  7. It is also available on the USSD service where users can access the service by simply dialing * 99 # and transferring funds, sending money, requesting money, non-financial services, balance inquiries, changing MPIN, etc. A service fee of 0.50)?

  8. Each bank provides its own UPI for various platforms of Android, Windows, and iOS. Banks may or may not charge for UPI service.

  9. Bill Sharing Facility

  10. Best for merchant payment, utility bill payment, in-app payment, OTC payment, barcode-based payment.


IS UPI SAFE?


This interface is based on 2-factor authentication. First, this feature of UPI is aligned with the guidelines that make it the safest. And the second-factor authentication is very similar to OTP. Here, MPIN is used instead of OTP.


HOW DOES WORK UPI


To access the UPI service, users must create a virtual payment address or VPA of their choice. They have to link the VPA to their bank account. It becomes the financial address of the VPA users, after this the user does not need to remember details such as beneficiary account number, IFSC code, or net banking user ID, and password to send or receive money. This virtual address of the customer helps create additional security for pull and push. The customer does not need to fill in these details again and again.


WHAT ARE UPI VIRTUAL IDS?


To pay through UPI, you need UPI Virtual ID, without this money cannot be transferred by UPI, this is also called UPI Pin. For example, suppose you have an SBI bank account, and your mobile number is 982xxxxxxx, then your virtual ID will be 982xxxxxxxx @ Sbi, and this address will be kept very simple, it will also have your name with your bank, In this way, you must have the UPI Virtual ID of the person to send the money to you.


HOW TO CREATE UPI ID


The UPI App is different for all banks and to download them, you can install UPI App on your bank by going to Google Play Store from your mobile. This is a list of banks that have created their own UPI App:


  1. ANDHRA BANK

  2. AXIS BANK

  3. BANK OF MAHARASHTRA

  4. CANARA BANK

  5. CATHOLIC SYRIAN BANK

  6. DCB BANK

  7. KARNATAKA BANK

  8. UNION BANK OF INDIA

  9. UNITED BANK OF INDIA

  10. VIJAY BANK

  11. PUNJAB NATIONAL BANK

  12. ORIENTAL BANK OF COMMERCE

  13. TJSB

  14. FEDERAL BANK

  15. ICICI BANK

  16. UCO BANK

  17.      SOUTH INDIAN BANK

  18. HDFC BANK

  19. STATE BANK OF INDIA

  20. STANDARD CHARTERED BANK INDIA

  21. ALLAHABAD BANK

  22. RBL BANK

  23. IDFC BANK

  24. KOTAK MAHINDRA BANK


If the bank displayed above does not have your bank name, and you are thinking that UPI Kaise Banaye without the bank app, then you do not have to worry. You can also avail of the UPI service by linking your bank account through other UPI payment apps like – UPI ID Paytm, UPI ID In Phonepe, BHIM UPI App, or Google Play.


HOW TO SET UPI PIN


With UPI you can get your UPI PIN generated separately for your bank, while making payment, your mobile number is not visible anywhere other than your bank, UPI is also used for online purchases. With this, you can avoid the process of the debit card number, Expiry Code, CVV Code, OTP, etc., instead, you can verify the transaction by just logging your UPI and the alert message on the phone.


UPI ID is most important for online payment, online payment is not possible without it, all online payment apps are linked to UPI ID.


Step 1: Create Profile


First of all, create a UPI profile, for this, your mobile number has to be registered with the bank. Now put the same number in the UPI app, your profile will be created after the mobile number is verified.


Step 2: Add Your Account


After the profile is created, you have to go to the “Add Account” option and add your bank account information.


Step 3: Set Virtual ID


After adding bank account information, go to the “Virtual ID” option in the main menu and set your “Virtual ID”.


Step 4: Set The Pin


After setting your “Pin”, to enter “M-Pin Generate”, you will have to enter the details of your debit card (ATM).


Step 5: Successful Pin Generate


As soon as you have “Pin Generate”, you will get the message of Pin Created Successfully on the mobile number you have entered.


HOW TO GENERATE UPI PIN


  • First of all, open your app, and enter your passcode and now go to the option of “Bank Account”.

  • Now you will have the option to select “Bank”, select which bank your account is in.

  • After selecting Bank, select the “Set UPI Pin” option.

  • Now enter the last 6 Digits of your Debit Card and the Validity of the Debit Card and click on “Right Sign (✓)”.

  • After clicking on the right sign, an OTP will be received on your mobile number and enter the OTP.

  • Now enter your “UPI Pin Number” and click on the Right Sign.

  • After clicking on the right sign, enter “Confirm Pin Number”. After entering the Confirm Pin Number, click on the Right Sign and do your “Pin Number Confirm”. By clicking on the right sign, you will get “UPI Pin Set”.


HOW TO FIND UPI NUMBER


Steps to find UPI ID are given below, with the help of which you can find your UPI ID on Google Play.


Step 1: Open Google Pay


If you want to find your UPI ID, then first open the “Google Pay” on your smartphone.


Step 2: Tap On The Pic


Now after opening the app, you have to tap on your photo at the top left (Left Side).


Step 3: Click On Bank Account


After taping the photo, you will see the bank account, click on it. If you have linked more than one bank account, then tap on the bank account of which you want to know the UPI ID.


Step 5: Take Screenshot


After taping on the bank account, you will see the UPI ID of the bank account under the UPI ID. Capture its screenshot, so that you do not have to go through this method again and again in the future.


Simple summary


  1. A Unified Payment Interface (UPI) is a smartphone application that allows users to transfer money between bank accounts.

  2. The interface is controlled by the Reserve Bank of India (RBI), the central bank of India.

  3. This eliminates the need to enter bank details or other sensitive information every time a customer initiates a transaction.

  4. UPI is built on IMPS infrastructure.

  5. Uses a virtual payment address which is the unique ID given by the bank.

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