Unified Payments Interface
Unified Payments Interface is a revolutionary payments system launched by NPCI that enables financial transactions to be carried out using mobile phones. UPI allows users to quickly and easily transfer funds from one bank account to another or make payments to merchants by simply entering the payee’s unique ID or QR code.
Unified Payments Interface (UPI), is a mobile app launched by NPCI which facilitates seamless transactions between bank accounts and aims to provide greater transparency as well as security. Unified Payments Interface allows people in India to start using their smartphones for making payments at shops, business centres, restaurants, cabs and petrol pumps etc.
Benefits for end Customers:
How Unified Payment Interface work (UPI) is a payment system that allows you to make and receive payments from any bank account on a mobile phone. The system is designed to facilitate immediate fund transfers between two bank accounts on the same mobile platform. The UPI can be accessed through the BHIM app, which is available for download from Google Play Store and Apple App Store.
How does UPI work?
UPI was launched by NPCI in 2016 as an interoperable mode of payment that allows you to send money from one bank account to another without having to share your bank account details. This means that you can transfer money without having to share your bank account number or IFSC code.
In order to make payments using UPI, you will need to register with your bank and link your mobile number with your bank account. Once this is done, you can make payments directly from your bank account or by entering the recipient’s mobile number or name and amount.
Benefits of using UPI:
Transact round-the-clock – You can transact 24×7 at any time of day or night through BHIM app or any other UPI enabled app.
Access multiple bank accounts – You can use Unified Payment Interface (UPI)
Is UPI beneficial for Merchants as well?
The Unified Payment Interface (UPI) is a payment system launched by National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI). It was announced in April 2016 and was launched on August 31, 2016. UPI allows users to send and receive money from a mobile app or website using a virtual payment address linked to a bank account.
Near real-time settlement: Instant realisation of funds provided for liquidity and working capital
Solution to ease last mile delivery hassle: Minimise the effort of cash handling and optimise the cost of cash management
Provides for payment essentials like complaint management, reconciliation and dispute management through your acquiring partners
UPI is a payment system that allows you to make quick, easy and secure payments from any of the bank accounts linked with your mobile phone. The transaction happens directly between the two banks without the involvement of any intermediaries like card networks or other third parties.
The UPI interface acts as a bridge between multiple bank accounts held by an individual or business for making or receiving payments. This single interface acts as a common gateway for all other existing bank accounts held by individuals or businesses so that they can send or receive money across them.
UPI scan offers an easy and convenient way to make payments via your mobile phone. It is based on the principle of having unique account numbers (MID) for each account, which eliminates the need for remembering multiple account numbers for different accounts, making it easy to use.