UPI Unified Payment Interface Facts and Updates

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UPI Unified Payment Interface Facts and Updates
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• Unified Payment Interface commonly known as UPI
  is the next big thing coming in financial world.
  After the recent demonetization process in India,
  almost all the banks, startups, established
  companies have started looking for developing the
  alternates that can help people making use of
  cashless economy in a better and secure way.
  Among all the options that we have seen so far,
  UPI appears to be on the top. With unique
  approach and reliable design, UPI makes it way
  easy to use cashless economy wherever applicable.
  Here we will check out some of the common facts
  of UPI and what all is required to be done in
  order to activate UPI in bank accounts (be it
  existing or new bank accounts).

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• Recently Indias largest bank SBI has adopted for
  UPI based services with SBI Pay UPI App. You can
  now yourself judge how good UPI is in terms of
  performance and scalability.

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• What is UPI and how to register?
• I believe we have already discussed enough about
  basic meaning of Upi Payment. It is a tool that
  will help people with the cashless economy. It
  can help customers handling their multiple bank
  accounts with one single app control. Besides
  managing bank accounts, it can also be used for
  fund transfer, fund receive, merchant payments
  etc cases. It works on the principle of IMPS
  (Immediate Payment Service) with a variation in
  the very fundamental. With usual IMPS transfer
  you need to fill in complete bank details of the
  payee (account number, IFSC code etc, there are
  ways to eliminate it but it is a tedious
  process). However with UPI you dont need to
  worry about having bank details of the person on
  the other side, you can manage transactions
  through his/her mobile number even. You can use
  UPI for below tasks

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• Asking for money from other accounts (need to
  have on UPI platform)
• Send money through UPI scheme (need to have UPI
  option available at both side)
• 247 operation
• No affect from bank holidays and strikes
• Bill sharing with friends
• Easy to use platform where complains and
  suggestions can be put directly
• Support from most of the Indian banks
• These are some of the features that will compel
  anyone to come ahead and try UPI Apps at least
  once.

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• What all is needed to be done for activating UPI
  Payment/Services on new and existing Bank
  Accounts
• You can register on official UPI network of any
  bank through their application for the Upi
  Payment. Simply login using your online banking
  credentials and setup the virtual network/address
  which is required at later cases where you need
  to send and receive money through UPI.
• Sourcehttp//bit.ly/2l0509u

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