What is UPI And How Does It Work In 2023? Top Secret of UPI

It Has Been Many Years Since Unified Payment System ie UPI Came, But Even Today Millions Of People Do Not Have Any Specific Knowledge About What UPI Is And How UPI Works, How To Use UPI.

In Such A Situation, It Is The Duty Of Responsible Youth Like Us And You To Teach Or Explain To Those People What UPI Is And How To Use UPI So That We Can Make Our Everyday Life Even Easier.

After The Advent Of Internet, Rapid Digitization Has Taken Place In The Banking Sector. Internet Banking, Mobile Banking, Etc. Facilities Have Been Made Available, Through Which From Opening Bank Account to Balance Check, And Transfer, Etc. Can Be Done Sitting At Home.

But It Is A Bit Complicated Process Not Every Person Can Use It Easily. For This One Has To Remember Username, Profile Username, Login Password, MPIN Etc.

After This, During Money Transfer, The Person To Whom You Are Transferring Money Will Have To Give Their Bank Name, Account Number, IFSC Code, Etc., Only After That The Money Will Be Transferred.

To Make This Long And Complicated Process Easy, Unified Payment System I.e. UPI Has Been Brought By NPCI, Through Which Every Common Man Can Transfer Money In A Pinch Through His Mobile Device.

If You Want To Know About This Great UPI Payment System, Then Read This Article Till The Last, Here We Will Know What Is UPI, How To Use UPI, How UPI Works, Etc.

What is UPI

The Full Form Of UPI is Unified Payments Interface. It Is Based On The Instant Real Time Payment System, Designed By The National Payments Corporation of India ( NPCI) in 2016 And Operated By The Reserve Bank of India (RBI).

Through UPI Immediate Payment Service (IMPS), You Can Send Or Receive Money From Any Bank Account To Another Bank Account Instantly. You Can Take Advantage Of This By Installing Any UPI App In Your Mobile.

Today, The Facility Of UPI is Provided By All The Government And Private Banks Of India. Apart From This, There Are Many Apps Which Support UPI. To Transact Money Through UPI, it is Mandatory To Have A Mobile Number Linked With Your Bank Account.

The Invention Of UPI by NPCI is a Revolution In India And The World. In Today’s Date, Apart From India, UPI is Used On A Large Scale By Nepal, Bhutan, Singapore, Malaysia, Oman, UAE, France, European Union.

The Biggest Reason Why UPI is Famous Is Its Simplicity. Earlier, User ID, Password, Account Number, IFSC Code, Bank Name, Etc. Were Required To Transact Money, But Now Only UPI ID is Required To Transfer With The Help Of UPI.

With The Help Of This UPI ID, You Can Transact Money In Any Bank, At Any Time, In Any Place. That’s Why You Must Have Seen That UPI is Used Everywhere From Tea Shops To Big Shopping Malls.

You Must Have Understood Very Well About What UPI is, Now Let Us Know About How To Create UPI ID And How To Use UPI.

Read This Article:

How UPI Works

As You Have Been Told, Unified Payment Interface ie UPI Works On The Basis Of Immediate Payments Service (IMPS). Through This, Money Is Transferred Instantly in Real Time Using Mobile.

It Is An Application With Which More Than One Bank Account Can Be Linked. When You Create An Account In Any UPI App, Then You Have To Set Virtual ID and PIN.

With The Help Of This ID and PIN, You Will Be Able To Transfer Money Instantly At Any Time, Even On A Holiday, And You Will Not Have To Pay A Single Penny During The Transfer.

How To Create UPI ID

Creating UPI ID is Not A Big Deal If You Have Any Bank Account Then You Can Create UPI ID Very Easily. But Before That You Have To Keep In Mind That Your Mobile Number Should Be Linked With Your Bank Account.

If You Do Not Have A Bank Account, First Read This Article And Create An Online Bank Account Sitting At Home. After That Go To The Further Process.

Hope You Have Bank Bank Account. Now Go To Google Play Store and Download Your Bank’s UPI Application, Or You Can Download Any UPI Application Like Google Pay, Phone Pay, Paytm.

After Downloading, Open It And Create An Account With The Help Of Your Mobile Number. To Create An Account, Enter Your Mobile Number And Click On The Next Button. After That A Verification Code Will Come On Your Mobile Number, Which Will Create An Account As Soon As You Enter It.

As Soon As The Account Is Created, Now You Have To Link The Bank Account. For This, Select Your Bank By Clicking On Link Bank Account, If Your Mobile Number is Linked With That Bank Then It Will Be Automatically Detected.

After The Account Is Linked, Now You Have To Create A Upi Id. For This, You Can Go To The Profile Section And Select The UPI ID. You Can Select Mobile Number / Unique Word / Email ID As The Format of UPI ID.

After The UPI ID Is Created, You Will Have To Create A Four-digit UPI PIN, Which Will Take Time To Carry Out Money Transactions. For This, Select Any Of Your Four Digit PIN.

Benefits of UPI

There Are Many Advantages Of Using UPI Which Are Mentioned In The Following Steps;

  • Money Can Be Transferred Any Day, Any Time, With The Help Of UPI.
  • No Need To Share Bank Name, Account Number, IFSC Code, Etc. To Transact Money.
  • Now You Will Not Have To Use ATM Without Any Reason For Shopping. You Can Pay Through QR Code.
  • There Is No Charge To Transfer Money With The Help of UPI.
  • You Can Link Multiple Bank Accounts With A Single App.

How To Use UPI

Once The UPI ID is Created, You Can Easily Use It At Any Time, Any Moment, Any Where. Open The App Whenever You Want To Use UPI.

After This, If You Are Going To Transfer Money, Then Take The UPI ID or UPI Phone Number Of The Account In Which Money Is To Be Transferred. Now Go To The Transfer Section Of The App And Enter The UPI ID And Enter The Amount To Be Transferred And Authorize It With Your PIN Number.

Congratulations! You Have Successfully Transferred Money. Same If You Want To Take Money From Someone Then No Need To Share Account Number, IFSC Code, Bank Name Etc With Them, Just Give Them Your UPI ID And You Will Get The Money.

Isn’t it Very Easy? Today, You Can Use UPI Anywhere, Whether It Is Tea Shop, Grocery Shop, Mobile Recharge, Electric Bill Payment, Hotel Booking, Ticket Booking, Auto Rickshaw, Vegetable Market, Etc. Upi Is Easily Used. Is.

Questions And Answers Related To UPI

What is UPI?

UPI i.e. Unified Payment Interface is a payment system which is based on real time instant payment system. It is created by National Payment Corporation of India in 2016 and regulated by RBI.

Where should we create UPI ID?

You can take advantage of UPI provided by your bank or you can also take advantage of UPI through many applications like Google Pay, Phone Pay, Paytm.

Which banks provide the facility of UPI?

Today, almost all the banks in India provide the facility of UPI. Apart from banks, there are many UPI apps as well which provide this facility.

What is UPI PIN?

UPI PIN is used while transferring money. This is a four digit number which has to be selected while creating the account. However, you can change the UPI PIN at any time.

What are the charges for using UPI?

In today’s time, there is no single paisa charge for using UPI. No matter how many times you pay, you will not have to pay a single penny.

What are the charges for using UPI?

In today’s time, there is no single paisa charge for using UPI. No matter how many times you pay, you will not have to pay a single penny.

Is BHIM and UPI Same?

BHIM is a UPI enabled app that allows you to use UPI. By creating UPI ID in this app, your address is something like this xxxxxxx@upi. If you create a UPI ID in an app like PhonePe, its format will be XXXXXXX@ybl / XXXXX @axl

Conclusion: Friends, today we have talked about Unified Payment Interface ie UPI. Hope you have got complete information about what is UPI, how does UPI work, how to create UPI ID, etc.

If you have any query related to this article then you can ask in the comment section. We will always be ready to answer you. See you in the next post, till then keep reading other posts of our blog DealsExport.com

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