UPI payment System – Future of Banking in India

What is UPI Payment?

UPI is an advanced version of the Immediate Payment Service (IMPS); that means it is faster than NEFT payment method. UPI Service is for instant online banking and fund transfer payment method. The UPI makes fund transfer quite simple as sending a text message.

Unified Payment Interface (UPI)

It facilitates VPA ‘Virtual Payment Address’ as a payment identifier for collecting and sending money to merchant and user. It works on a two authentication factor. UPI also provides a scheduling Pull and Push money transactions just like sharing bills.

You can easily send money and receive online payment using UPI Payment method. UPI work 24 by seven by 365 that means you can use UPI payment method anytime anywhere in India. UPI payment method is much easier than another payment method like Internet banking, Wallet, etc.

Who is behind UPI?

National Payments Corporation of India (NPCI) is an organization that manages all retail payment system in India. Unified Payment Interface is an initiative by National Payments Corporation of India (NPCI) and set up with the support of RBI (Reserve Bank of India).

Indian Bank Association also includes to set up UPI payment. The NPCI also operates the Rupay payment and allows different banks to connect and transfer money.

How does UPI work?

Before demonetization, if you want to make any bank payment online, you have to type all kind of things related banks like Account number, account type, Bank name or IFSC Code, etc. But now with the UPI payment, you don’t need to type this all, only you have to type is their Unique Aadhaar identity Number, You can also send money using their registered mobile number or VPA (Virtual Payment Address).

If you have registered your mobile number with your bank, so you can use UPI easily without any problem. By NPCI, only 29 banks have agreed to provide UPI (Unified Payment Interface) service in India.

Top 21 UPI applications for approx all Banks in India that are compatible with both Android and iOS operating system. Here we have listed some UPI Application with download link.

Author Bio
This guest post is written by Bhavesh Sondagar who works at theandroidportal.com. He loves to write about tech & gadget related stuff on his blog.
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