Unified Payments Interface is a real-time interbank payment system for sending or receiving money. It was introduced on 11 April 2016. Its owner is the National Payments Corporation of India (NPCI). It is integrated with more than 120 banks in India. Consumers can participate in P2P transfers as long as they both have an account in one of the registered banks. To initiate fund transfer, users have to use any UPI supporting Android or iOS app, link their bank accounts and generate BHIM UPI PIN. Funds can be transferred via the following methods:
Once the fund transfer is initiated, money is debited from the payer's bank account and deposited in the recipient's bank account in real-time. This system works 24x7, including weekends and bank holidays.
How is UPI unique?
UPI - Benefits
Benefits for banks:
Benefits for end Customers:
Benefits for Merchants:
Drawbacks of UPI
Balance in Free-charge e-wallet is not transferable to an e-wallet of Paytm, nor can we transfer the cash-back earned in bank accounts. To top it all, there are restrictions for the maintenance of minimum wallet balances and marketing gimmick of cash backs, which again cannot be transferred or used freely. You must know that you have to transfer money from the Unified Payments Interface pin is also known as the UPI PIN and it is a very small digit i.e. 4 or 6 digits while having a small digit, it is not safe, so make your payment carefully and its information Do not let anyone else know.
About the Author
Dr V Basil Hans is HOD of Economics and Dean of Arts, St Aloysius Evening College, Mangalore. He is an interdisciplinary teacher and researcher. He has written more than 25 books and more than 210 articles. His book Digital Banking has been translated into eight foreign languages. Two of his recent books are Culture of Sanitation in India – from India Valley Civilization to Sulabh, and Infrastructure Economics.
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