UPI will be live for cashless economy | Fusion - WeRIndia

UPI will be live for cashless economy

UPI will be live for cashless economy

Do you know about UPI, (Unified Payments Interface)? In order to move the country towards a cashless economy, UPI app is developed by National Payments Corporation of India and it will be available in a couple of working days with 21 banks in the country.

Customers can download UPI app and use it in the below mentioned banks: ICICI Bank, Andhra Bank, Axis Bank, Canara Bank, Karnataka Bank, UCO Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Catholic Syrian Bank, Oriental Bank of Commerce, TJSB Sahakari Bank, DCB Bank, Federal Bank, United Bank of India, Union Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank.

The UPI users will be given a unique user IDs that is UPI ID according to their mobile phone number which is linked to their bank accounts. Sending money to anyone of your choice will be easier using UPI method. You just enter the UPI ID of the recipient and confirm it while filling the details, the money will be credited to the receiver’s account.

Customer need smartphone to use UPI app. One can send and receive money easily and instantly with this app. Unlike NEFT, you need not wait for hours of time to receive funds. There is no need to wait for MMID code for making IMPS transactions.

Furthermore, you need to enter all the details of the recipient like bank account number, IFSC Code, branch address etc. You just need to enter the mobile number of the recipient to make the payment. One can transfer round the clock anytime including holidays anywhere in the world with this app. All you need to do is download it and install it in your mobile phone.

In addition to that, you need not carry any debit or credit cards. You can simply make merchant payments using the integrated payment system.

Several experts anticipate that UPI may substitute all the present existing systems like NEFT, RTGS and IMPS.

Image credit: Image by Nattanan Kanchanaprat from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/it/photos/soldi-moneta-investimenti-business-2724241/

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