All you must know about UPI app

After demonitisation, Unique Payments Interface (UPI) is an important tools for shifting to a cashless economy.

All you must know about UPI app
Pic for representational purpose only

New Delhi: After demontisation, Unique Payments Interface (UPI) is an important tools for shifting to a cashless economy.  And this new payment system aims to bring the country towards a more cashless model.

Here are all the details you must know about the app:

  • It is developed by The National Payment Corporation of India (NPCI).
  • UPI was launched in April this year by the then RBI Governor Raghuram Rajan.
  • This system allows money transfer between any two bank accounts by using a smartphone.
  • UPI can be used both to send and receive funds.
  • Customer can pay directly from a bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.
  • Anyone with a mobile phone and a bank account will be able to take benefit of UPI for either receiving or transferring money.
  • Merchant payments, remittances, bill payments among others.
  • The per transaction limit for UPI is Rs 1 lakh

How to start UPI

  • Download the app from Play Store and install in phone;
  • Set app login;
  • Create virtual address;
  •  Add your bank account;
  • Set M-Pin;
  • Start transacting using UPI


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