The Buyt Desk
Unified Payment Interface i.e. UPI is a digital platform that provides different types of banking and payment services to consumers. It allows you to instantly transfer money from one bank to another bank through the mobile app. This payment is possible only through apps and mobile devices.UPI is available round the clock 24 hours in a day.
To use UPI, a person must have an account with a bank that should be connected to the UPI service. If your bank offers Unified Payment Interface services, then you have to download the mobile application that supports UPI according to your smartphone. Some of the major UPI apps lists include PhonePe, Google-Pay, Paytm, Amazon Pay, WhatsApp Pay, Bhim App and others.
Setting up: Once you have selected the UPI Platform app, you should follow the steps mentioned below.
Step 1: Download the UPI app on your mobile
Step 2: Open the app and register
Verify your number first. The Unified Payment Interface system checks the details and authenticity of your bank account through the phone number associated with your bank account. Download the UPI app on the same mobile, the number is linked to your bank account. After verification of the number, enter basic details like your name and email and enter your 4 digit password (PIN). If you forget your PIN, you will need an email to log in to the UPI app and recover the password again.
Step 3: Select UPI username or virtual password address
Like your email, the UPI Virtual Password Address (VPA) is your UPI ID, which will help other people send you money.
Step 4: Add bank account
Select your bank account and link it. Set your PIN based on the last 6 digits of your debit card and expiry date.
UPI has made the process of sending money extremely easy. For this, you do not need to remember the account number, account type, IFSC code and bank name of the account to which you have to send money. You can transfer money only through UPI ID, Aadhaar number and registered mobile number. You can set your ID on any app that supports UPI service.
Maximum limit for transfer of money
Currently, the maximum limit for UPI transactions is Rs 1 lakh per day. After this maximum limit, banks can have their own separate sub-limits.
Is UPI safe?
In UPI transactions, it is done through a very secure encryption format, which is very difficult to break. It works on two authentication methods, which are similar to OTP. Which verifies your every transaction. However, the UPI PIN will be used in place of OTP to verify.
