What is the full form of UPI?
The full form of UPI IS Unigied payments interface.
What is UPI?
Upi is fastest mode to payment, and help to transfer cash immediately via mobile interface between the two bank accounts. Thus, upi is a concept that allows different bank accounts to join a single mobile app.
Characteristics of UPI:
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1. Instant money transfer via IMPS ( Immediate payment service), and quicker than NEFT.
2. Individuals could use UPI 24 hrs a day.
3. one mobile app that allows acess to different bank accounts.
4. Uses the virtual payment Address, which is the unique bank ID.
5. Uses IFSC code, account number and phone number with mobile money identifer or MMID.
6. Some bank.offer their own UPI for various Andriod devices,Bank may or may not charge for the Upi plan.
7. Good for merchants payments, in app transactions, payment for electricity bills, OTC payments and payments based on barcodes.
8. Anyone can make a complaint directly with the Mobile app.
Working process of UPI:
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1. The users would need to create a VPA ( Virtual payment Addres) for their choice to use the upi service.
2. The users also needs to connect their bank account to the VPA.
3. The VPA then becomes the customer’s financial address and they don’t need to recall all the information like Ifsc code,beneficiary account number and etc.
Advantage of UPI:
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1. It provide a secure ,stable,quick and straightforward way to transfer money ,make bill payments, make shopping payments and much more.
2. It helps users quickly transfer money from.their bank accounts directly into an individual’s bank account.
3. The upi not demand the full bank details of the users as well as other confidential Information once the users initiated a payment.