I was one of the pioneer users of UPI, since the day it launched in India. I have simply signed up for it and checked the benefits for the same, earlier everyone was doubtful about how it will be successful or failed. as Mobile payments UPI is the favorite of every other Indian.
In India, a cashless revolution started, and every other country is looking for a payment solution that works flawlessly and seamlessly like upi India.
Sending and receiving money made easy with help of UPI, it also helps our nation to go cashless in an amazingly fast manner, upi in India became famous in every business around us and adopted by merchants across small villages also.
UPI stands for Unified Payments Interface: Unified Payments Interface is a real time payment system developed by National Payments Corporation of India facilitating inter-bank peer-to-peer and person-to-merchant transactions. NPCI is an umbrella organisation for all digital payments.
UPI works either with your mobile number or VPA (Virtual Payment Address), which also helps you to ignore errors and make faster payment with the help of QR code.
In India in every shop or small business or street cart also has QR code and accepting payments via UPI.
Which is the best UPI app in India ?
- Google Pay – My Personal Favourite because it has less failed ratio compared to other)
- Paytm (Paytm UPI is most popular among all other in India)
- PhonePe
- Amazon Pay
- Bhim App
How Bhim UPI works?
Bharat Interface for Money (BHIM) is a payment application that will make simple, easy, and faster transactions using UPI (Unified Payments Interface).
You can send money to any VPA (Virtual Payment Address), UPI id, request money from UPI user, Scan & Pay, Scanning QR code or Bank account transfer.
Bhim UPI is safe and easy to transfer money from one user to another using VPA, you can also check payment history by visiting transaction menu in the app.
You can also check balance using your secret PIN on Bhim registered bank account. In India more then 160+ bank is live on Bhim app. Bhim can be used with many following categories:
- online merchants
- offline outlets
- nearby Kirana (Grocery) stores
- Food Chain
- Mobile recharge
- Logistic payments
- DTH payments
- Tour and Travel agencies
- Bill payments
- Educational institutions
- Insurance Payments
- Pay to NBFCs.
Now any user can invest in IPO with your Bhim UPI on National Stock Exchange (NSE) & Bombay Stock Exchange (BSE). Just tell your broker to use UPI ID as the payment option while filling the IPO application.
Process explained how you can use UPI for investing in IPO.
What is VPA (Virtual Private Address) in UPI Payments?
Virtual Payment Address (VPA) or UPI or is a unique ID generated by app or the user to send or receive money through UPI. You must have linked with a UPI-enabled Bank, enables a user to receive money in their bank accounts without sharing their account details to anyone.
For example: getvoip@icici
what are the benefits of upi ?
- UPI enables all user to send and received money 24×7 and 365 days unlike other old methods like NEFT, RTGS etc which also works in specific banking hours only (after success of UPI RBI worked on NEFT timing to 24×7 too).
- For your better safety always verify and double check number or VPA before transferring any amount, for sending money always prefer QR code which is shows right merchant name at the time or transferring fund before entering your PIN.
- Unlike traditional methods it works in real time and credits the money to payee Instantly. So, every user changed their method from NEFT or RTGS to UPI.
- For NEFT, RTGS methods required to add payee that requires approval timing as per bank policy from 2 hours to 24 hours then after payment it will take few minutes to hours some time to credit the amount to beneficiary account. But if you want instant payment.
- For your transaction safety and confirmation always keep UPI payment ID safe with you so in any case of not received by other user, you can check with your bank later if required, in any fraud also bank can only help you if you have the reference no or transaction id.
Unlike traditional methods of payment in India UPI has really brough huge change that worked for layman and adapted by every smallest to biggest business and service provider in India. When you register on any UPI app it generates automatically a VPA for the user, users also get some perks by using referral or invitation link to sign up for UPI here are some options for you if you are new to UPI.
What do you need to use UPI ?
To use UPI, your bank must be participating with UPI network, most of banks in India now support UPI but you can still check list of banks by visiting this link.
You also need supported mobile in which you need to download bank app or Bhim app to start using UPI in your mobile, one more thing your mobile number must be registered with your bank for which you will be using for UPI.
What if I made payment to wrong UPI ?
In case of wrong payment made by you, you must note down the transaction id, date , time and notify your bank about the same, to file the charge back and this process may take up to 2 months some time to get your money back but suggestion is always double check before transferring amount via UPI to get rid of such errors.
What is the limitation using UPI ?
- Main limitation is per day you can transact up to ₹1 Lac (depend on bank to bank from 10k to 1 Lac per day). which is sufficient for normal user.
- Up to 20 transactions per day on UPI. (This limit varies bank by bank)
- Recently for some verified merchant NPCI has increased limit up to 2 Lacs.
Wrapping it up:
Use above referral to earn cash back on your first transaction. After signing up with UPI above you can share your QR or UPI id to your contacts to get paid easy and fast.
Don’t forget to make first payment to earn cashback, you can thank me later.
