All you must know about UPI app

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

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