All you must know about UPI app
After demonitisation, Unique Payments Interface (UPI) is an important tools for shifting to a cashless economy.
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