What is UPI Id? How its work? UPI Full Form: Do you know what is UPI Id and how do we use UPI? If you do not know about UPI, then Today, through this article, we will give you all the information about UPI Id, what is UPI Id?
Today the world is promoting digital payments and the digital India campaign is progressing rapidly in our country too. To know more about UPI, you must read this post completely. Also, We will discuss the- Where is UPI used? We will also give you this information about UPI PIN.
Changes are the rule of the world, and One of these is the method which has proved to be very useful and that is the facility of online payment or what we also call digital payment. The aim of the government is to bring the digital revolution to the country and after demonetization, the trend of online payment has increased a lot. We can easily do money transactions sitting at home, that too in a very safe way. We can do these payments through UPI.
What is UPI Id?
UPI is a new method of the online payment system, which has been started by the Reserve Bank of India (RBI) and National Payment Corporation of India (NPCI), for the convenience of the public.
It is an application that helps you to transfer money between two bank accounts through mobile. The UPI is a type of new kind of technology, which is playing a big role in today’s time.
UPI applications allow its users to link multiple accounts of multiple banks through a single application. Like a bank account, this UPI Id also varies from person to person. It is different for everyone. And Everyone has their own separate id through which we can transfer funds easily.
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UPI Full Form
We will also tell you the full form of the UPI pin further. When you open the profile of your UPI Id, then you will see yourname@bankname option like this, it is called UPI Id or some time yourmobilenumber@bankname.
UPI Full Form is “Unified Payments Interface”
We are going to tell you some more things which will help you to understand the UPI. So let us tell you, there is a secret code of UPI PIN, which is 4 to 6 digits. This pin is used at the time of money transfer.
On the Internet, a UPI id means your own personal id, through which you can transfer money to another’s id. There are many mobile applications like GPay, PhonePe, Amazon Pay, Paytm, with the help of which UPI can be used. You will have to link any of these apps with your bank and you can use your UPI account only after giving your ATM details in it.
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How does UPI work?
To use the service of UPI, first, you need to create a Virtual Payment Address or VPA and link that VPA with your bank account. Now you just have to enter the UPI ID of the person to whom you want to send money while transferring money. And the amount of money you want to transact. That’s all, and after entering the UPI pin, your money will be transferred from your account to another’s account, that too in a few seconds. UPI works even on holidays.
To generate UPI id, you have to follow these steps
- First of all, you have to download the BHIM app or other apps.
- After that in the app, you will see the option of UPI, click on it, after that you will see the option of link with your bank account.
- Then you have to select your bank, after that, you have to enter the registered mobile number which is linked with the bank.
- After that, you will get the option to verify your mobile number. Then here you have to select the SIM to which your bank account is linked.
- Now SMS will come on the registered mobile number, it will be automatically sent to UPI. Your number will be verified.
Once the number is verified, your UPI ID (VPA) will be created.
- Then you have to enter bank details and generate a PIN.
Features of UPI
- UPI allows us to transfer money to anyone, anywhere, anytime during the day.
- We do not need to provide all our details to make any payment. This saves a lot of time and money transactions are done very quickly.
- The transaction limit in UPI is 1 lakh per month (Almost in every bank), which is very high as compared to other mobile wallets.
- Through this, you can also request money.