What is meant by UPI UPI stands for Unified Payment Interface which is launched by National Payment Corporation of India(NPCI) under Reserver Bank of India(RBI). NPCI runs most of payment related infrastructure in our country which includes provide RuPay cards, withdraw amount in any bank's ATM, etc. UPI is the first step taken by India for moving to cashless economy.
UPI doesn't require bank account of the person to whom we want to send money and IFSC code unlike NEFT, IMPS and MMID. So no need to disclose our account details to other persons like merchants, but the other one should be registered and part of UPI. We can transfer the money with Virtual Payment Address (VPA) alone. VPA is nothing but a unique identity of a person to send and receive money.
One more advantage of UPI is that we can send and receive money instantly at any time including holidays and non banking hours.
How to use UPI
How to download UPI
RBI doesn't own any app for UPI and it is just mediator in transactions. We can not link NRE and NRO accounts with UPI and also we can't transfer money to abroad by using UPI. Currently UPI has only banks and e-wallets like PayTM, FreeCharge are not added.
If Mobile phone is lost means no need to worry much and just we have to block that number. If the mobile number is blocked means no further transactions will be allowed.
Which bank is part of UPI The below banks are part of UPI and they have UPI enabled mobile app
Andhra Bank, Bank of Maharashtra, Axis Bank, ICICI Bank, YES Bank, Canara Bank, DCB Bank, Catholic Syrian Bank, Union Bank of India, Federal Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, United Bank of India, Punjab National Bank, Vijaya Bank, IDFC Bank, and South Indian Bank.
Conclusion UPI is one of the biggest revolutions in the Indian banking system. UPI is going to change the face of financial transactions and take our country to cashless economy. Hopefully the remaining banks also will adopt and provide UPI facility to its customer.