On this page, We are going to learn about the full form of UPI and the meaning of UPI, As well as the meaning, definition, abbreviation, and acronym for UPI in different categories. So you should read this post till the end.
The Full Form of UPI: Unified Payments Interface
UPI stands for Unified Payments Interface. UPI is a type of digital payment system developed by the National Payment Corporation of India (NPCI), with the help of which the bank account is operated digitally.
UPI (Unified Payments Interface) is a real-time fund transfer process, this payment system works based on the IMPS interface. The control of UPI is in the hands of the Reserve Bank and the Indian Banks Association.
Uses of UPI ( Unified Payments Interface )
With the help of UPI, you can send or receive money from your bank account anywhere at any time, mostly its use, taxi fare, movie ticket, airline ticket, mobile recharge, and DTH recharge.
- Funds can be transferred to any account with the help of IMPS.
- With its help, it takes less time than NEFT to transfer money.
- Being a digital platform, it works even when the bank is closed
- Transactions can be done from multiple bank accounts from one mobile application.
- The virtual payment address given by the bank is used.
- Fund transfer is done using the IFSC code and mobile number
How to use UPI?
To use UPI, you have to create a virtual payment address. After that, you have to link it to your bank account. The virtual payment address becomes your financial address.
After this, there is no need to remember your bank account number, bank name or IFSC code, etc. The payer simply processes the payment request based on your mobile number and the payment gets credited to your bank account.
- To use UPI, you must first install its apps on your Android phone.
- To use UPI, you have to go to Google Play Store on your phone and find and install the UPI app of the bank in which you have an account.
- After installing, you have to sign on it, then create your account by giving your bank details there.
- After that you will get a Virtual ID, where you generate your ID, they (like sabina@sbi) can easily send money and take money after creating your account in UPI.
Is UPI secure?
This interface of digital payment does authentication in two ways. After that, only with a single click, you can make a payment to anyone. Here PIN is used instead of One Time Password.
It is developed by the National Payment Corporation of India (NPCI) and is controlled by the Reserve Bank and the Indian Banks Association, so it is even more secure.