UPI Full Form in Banking is also known as the Unified Payment Interface. This Unified Payment Interface mainly used for Mobile payments developed by the Government of India collaborated with NCPI ( Nation Payments Corporation of India).
UPI id is just like your email id, this can be taken as your financial address. Very similar to your bank account, this remains unique to each individual and can enable you to transfer and receive funds instantly using IMPS — Immediate Payments Service.
So, now you don’t have to transfer funds intrabank using old methods like NEFT, RTGS, and cheque. Things will happen instantly all throughout the day even on holidays.
What is a Unified Payment Interface (UPI full form)?
A Unified Payment Interface (UPI) is a smartphone application that allows users to transfer money between bank accounts. It’s a single-window mobile payment system developed by the National Payments Corporation of India (NPCI). It eliminates the need to enter bank information or other sensitive information whenever a customer initiates a transaction.
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), consolidating several banking features, seamless fund routing & merchant payments into singlehood.
Additionally, it caters to the”Peer to Peer” collect request that could be scheduled and paid according to requirement and convenience. Every Bank provides its own UPI App for Android, Windows and iOS mobile platform(s).
- A Unified Payment Interface (UPI) is a smartphone application that allows users to transfer money between bank accounts.
- The interface is regulated by the Reserve Bank of India (RBI), India’s central bank.
- It defines to get rid of the need to enter bank details or other sensitive information each time a customer initiates a transaction.
How to Install BHIM UPI App from Play Store:
Bharat Interface for Money (BHIM) is an initiative to enable fast, secure, reliable cashless payments via your cell phone. With BHIM your smartphone becomes your own bank.
- Download the App for UPI
- Do registration online on the App with a/c details
- Create a virtual ID
- Set MPIN
- 5-7 minutes
Requirements For UPI App In Your Smart Phone:
Before you register on the app, please ensure the following:
- Your phone should have an active SIM linked to your Bank Account.
- In the case of Dual SIM, kindly ensure that you’ve selected the SIM card linked to your Bank Account.
- You have a valid Debit Card for your Bank Account.
- You have linked your Mobile Number with your Bank Account and the same is used for accessing BHIM.
Visit Upi official website https://www.bhimupi.org.in/our-partners to find out if your bank is live on BHIM.
Main Features of UPI (Unified Payment Interface(Full Form)):
Unified Payments Interface is a real-time inter-bank payment system that allows requesting or sending money. Any UPI app might be used and multiple bank accounts could be linked to one program. Money can be sent or requested with the following methods:
- Virtual Payment Address (VPA) or UPI ID: Send or request money from/to bank account mapped using VPA.
- Mobile number: Send or request money from/to the bank account mapped using the mobile number.
- Account number & IFSC: Send money to the bank account.
- Aadhaar: Send money to the bank account mapped using the Aadhaar number.
- QR code: Send money by QR code which has enclosed VPA, Account number and IFSC or Mobile number.
There are so many nonbank based apps available in the google app store and attracting customers with cashback offers but the official app is good for safety. Every bank developed there official apps and contact your bank for more information.