It was just on Monday that the NPCI that is the National Payments corporation of India has announced that they have launched the much awaited UPI that is the Unified Payment Interface . It is called a the biggest change in the perspective of the financial sector . You want to know about UPI here’s is all that you need to understand .
1. This is a system that will initiate online bank payments.
2. For instance you need to send money to anyone will now only requires his/ her UPI ID that will be used to transact te money , for example it could be your name, phone number as for 123456789 is the phone number and the bank is SBI than the UPI ID would be 123456789@SBI and so on.
3. This facility of UPi will be eliminating the problems during transaction so as to know the IFSC code, name, account no etc.
4. UPI has been built on top of IMPS thus UPI is working immediately in 24*7 through the year unlike the RTGS ad NEFT.
5. It could be easily used for online shopping instead of entering debit card number , CVV and teh expiry date just enter the UPI ID and an OTP will be receive.
6. As it uses your phone number thus it is safe and secure
7. Anyone can also use the UPI to send a request for money, like an invoice. This means that anyone could become a merchant, and take payment for any goods or services from your account to their account.
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