Are you aware of what UPI means, or the full form of UPI? In the last few years, people have been facing a lot of issues for receiving or paying money. The reason behind this is that our Prime Minister taking some serious steps against corruption stopped the circulation of INR 500 and INR 1000 (old notes).
The decision brought in a difficult time for the bribe-takers, but it was also the general public who became a victim here. Looking at such situations, Prime Minister has also provided a solution of a cashless economy to the people of India.
The cashless economy here means making online payments instead of following previously used methods of cash exchanges. It was not an easy phase, but with time, it got easier.
We all know the importance of the Internet, but even today, there are many parts of India where there don’t exist proper facilities to use it. There are also many people (like the old people) who know about the Internet, but they do not know to use it properly. Well, this is where we have our responsibility to make them aware of the usage of the internet and help them make their lives easier.
Now, the question is, if we want to make the online payment, how can we do it? There are many mobile applications that help with the transfer. One can use Paytm or MobiKwik or Freecharge, etc. Apart from these apps, there is another way to make use of mobile banking from any time and anywhere for doing transactions or money transfers. This way is UPI, and this article has been prepared to provide information about what is UPI and what is the full form of UPI? Give a read to know more.
What is UPI?
UPI ka full form hai Unified Payments Interface. This is a way to either send or receive money through the bank account, to friends or relatives from anywhere or anytime. Any type of payment can be made using it, like for buying anything online or for market purchases too. Taxi charges, movie tickets booking, airline tickets, mobile or DTH recharge all can be made using UPI. It is simple, fast and easy to use, and the amount gets reflected in the account of the other party instantly.
To start the use of UPI, the first request was made by the National Payments Corporation of India or NPCI. This organization is responsible for the management of all Indian Bank ATMs and the interbank transactions happening between them. For example, Axis bank cardholders can withdraw cash from ICICI bank. In the same way, even UPI transactions make it easy to transfer amounts from one bank to another.
UPI ka full form kya hai?
UPI full form hai, Unified Payments Interface.
How to use UPI?
In order to use it,
- On your phone, install anyone of the UPI apps. There are many banks that support UPI, like Andhra Pradesh Bank or ICICI Bank, etc.
- So, go to the Play Store and download the UPI app of the bank in which one holds the account.
- Once done, sign up by adding the details of the account and creating an account.
- One would get a virtual ID after the process wherein one can generate the ID (the address can be generated based on Aadhaar card, phone number or email id) like ruhi@icici.
- After the account has been created for UPI transactions, one will be able to send and receive money easily.
How does UPI work?
UPI IMPS, it is based on the Immediate Payment Service System, which is used by us at the time for using the other net banking apps on the mobile phone. The service can be used at any time, even on holidays and on this service. On this system, even the UPI works, but an important question to ask here is, if this works like other net banking apps and they are all based on the same system, so what is the difference between it all?
Well, the UPI is different from those apps. Let’s take an example to understand it better. Consider that anyone in your close contact is in urgent need of money. At this time, one can use any of the apps. You just need to open the app, log in to it with details, add the details of the person (a lot of details are asked like banking details including account number, IFSC code, branch name, account type, etc.) to whom the money is to be sent and sent the money to them. However, with UPI, one doesn’t need all these details. If the UPI ID is known, just add it along with the amount to be transferred, and once the pin is entered, the amount can be transferred easily. In this case, the other party doesn’t even need to inform in which bank they hold their account. This is a safe, easy and faster means to transfer money.
There is a limit to transfer the amount through UPI, i.e., INR 1 Lakh and per transaction, 50paise get charged. The charges are minimal, and therefore, one doesn’t need to pay more for transferring the amount faster and easier.
UPI Enabled Banks List
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda
- Bank of Maharashtra
- Canara Bank
- Catholic Syrian Bank
- Federal Bank
- ICICI Bank
- IDBI Bank
- Karnataka Bank KBL
- Kotak Mahindra Bank
- Punjab National Bank
- RBL Bank
- South Indian Bank
- Standard Chartered Bank
- State Bank of India
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
- Yes Bank
FAQs related to UPI meaning or What is UPI?
What is UPI?
Known as Unified Payments Interface, this is a process of real-time fund transfer. It has been launched by NPCI, and the system is based and runs on the IMPS interface.
Which is the best UPI app to download?
On the Google Play Store, there are many applications to make a choice from. One can pick anyone as per the choice.
Is it necessary that the users download the Bank provided UPI app?
No. The users can download any UPI app, even bank-provided (or of any other bank).
What is UPI Pin?
This pin is provided during the registration process. It is used to authorize the transactions.
If the bank account gets debited during UPI transactions, but the transaction fails, what should the user do?
The amount generally gets credited bank to account within 1hr. However, if it doesn’t, one should connect with customer care. This can happen due to either of the reason. So, do not panic.
Can different bank accounts be linked to different UPI apps?
Yes. One can do so.
If the wrong UPI Pin is entered, what would be the result of it?
On entering the wrong UPI Pin, the transaction will fail.
Hopefully, you received all the information about what is UPI or UPI id full form, etc., within this article. If one has still not used the UPI ID, try it and make your life easier. In case you have any concerns or issues with the content, make sure to connect with us, and we will ensure timely help.