ALL >> Investing---Finance >> View Article
Here Are 5 Reasons To Shift To Upi
Total Articles: 243
"UPI is a payment system developed by the National Payments Corporation of India and is one of the most popular modes of fund transfer in India today. But what is it?
UPI or Unified Payment Interface is a means to transfer funds from one party to another. However, unlike the typical fund transfer system, where the bank details of the recipient are used, UPI uses a UPI ID. Payments can be made and received on the UPI ID. Using UPI is extremely simple.
If you’ve not transitioned to making payments via this method, then here are 5 reasons to shift to UPI.
1. UPI is simple to setup and use:
The Unified Payment Interface system is very easy to set up. You need to download any UPI app i.e the official BHIM UPI app by NPCI or any UPI app issued by any bank. It is possible to use UPI through wallets such as Google Pay (Tez), PayTM, PhonePe etc.
To set up UPI payment, you need to create a unique ID. This ID will be linked to your bank account number. You also need to create a PIN for yourself. Before a transaction is authorized, the UPI system requires you to input your PIN. Once the PIN is input, the amount gets debited from the payer’s bank account is paid to the recipient.
It is not necessary to link a particular bank’s account details to use the UPI app, i.e it is possible to use HDFC Bank’s UPI app but put in details to any bank account you want to receive payments to. It is possible to set up a different bank account to make payments and a different bank account to receive payments.
2. Sensitive bank details protected:
One of the best advantages of UPI is that it adds another layer of security to regular fund transfers. There is no need to share your bank account details with a third party to receive funds. The funds can be received through the UPI ID.
3. Low cost:
UPI transfers are free of cost at the moment. Using the UPI apps is free of charge and making fund transfers is also free of charge. However, in the future, banks may introduce a charge on these transfers.
4. 24x7 transfers:
The UPI payment system operates on the IMPS system. This means any fund transfers to be done with UPI can happen 24x7. They are not restricted to banking hours only. This makes it dependable for instant fund transfers.
5. Instant payments:
Fund transfers under UPI are immediate. The money is immediately debited from the bank account and is immediately credited to the payee’s bank account. This is why it is important to double check the recipient’s details and UPI ID before making the payment.
Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about UPI payment. Through her work, she gives 5 reasons to shift to UPI
Investing / Finance Articles1. Sip Investments: A Simple Way To Achieve Your Personal Goals
Author: Raghav Mehera
2. Everything You Need To Know About Equity Funds
Author: Shashank Pawar
3. How To Do Intraday Investment In Equity Market
Author: the grs solution
4. The Brighter Side Of The Cryptocurrency Regulations In Hong Kong
5. Finding The Best Oregon Credit Union
Author: Sarah Addyson
6. Are Banks In Portland Oregon Worth Your While?
Author: Sarah Addyson
7. Sainsburys Bank Plc Strategy, Swot And Corporate Finance Report
Author: Aarkstore Market Research
8. Top 10 Reasons To Start A Business In Hong Kong
9. Importance Of Hiring The Services Of Retirement Financial Planners
10. What Is Pip?
Author: Ashley Jhon
11. Role Of Encryption In Blockchain
12. Cryptocurrency: A New Rising Sun For Weak Currency Countries
13. Helpful Tips To Become A Crypto Franchise In Hong Kong
14. Importance Of Bookkeeping In Business
Author: Rahul Gangwar
15. 6 Smart Ways To Avoid Delaying Credit Card Payments
Author: Neha Sharma