(UPI)Unified payments interface-what it is and how useful is it for you

(UPI)Unified payments interface-what it is and how useful is it for you-National Payments Corporation of India (NPCI) launched the much awaited (UPI)Unified Payments Interface. It is considered to be a great change in the country’s financial sector. The concept is not new and has already been adopted by a large number of banks worldwide and eminent private payment processors like paypal, payza etc. important features of (UPI)Unified Payments Interface are listed below-

(UPI)Unified Payments Interface

1-      The (UPI) Unified Payments Interface is a system designed to make instant, online payments through banks.

2-      To make payments through The (UPI) Unified Payments Interface you need not to know the details like name, bank account number, bank name and branch name, IFSC code of the bank branch of the beneficiary.

3-      Both the sender and recipient will need a (UPI) Unified Payments Interface ID registered at a member bank.

4-      The (UPI) Unified Payments Interface registered ID may be something like xxxxxx@sbi, ssssss@sbbj or ppppp@pnb etc.

5-      To send money to someone, the sender need to know only the beneficiary’s (UPI) Unified Payments Interface ID only. 

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6-      The (UPI) Unified Payments Interface ID may also be used for online shopping like debit cards. You will need to just enter your UPI ID, get an alert on your phone and verify the transaction.

7-      UPI(Unified Payments Interface) is built on top of the IMPS(Immediate Payment Service), it is immediate, and works 24x7, throughout the year and has no specific working hours like NEFT or RTGS services.

8-      As UPI(Unified Payments Interface) use the registered phone to verify transactions, hence it is considered to be more secure because someone else can't use your phone to verify the transactions.

9-      UPI(Unified Payments Interface) can also used for merchant transactions as it allows sending  requests for money or an invoice to get payment for any goods or services from your account to their account.

10-  About 30 of the public sector and private sector banks have already agreed to provide UPI(Unified Payments Interface) services, and it is expected that the rest of the banks will join it before the end of this year.