How Does Unified Payment Interface Works

In our recent post we have discussed about unified payment interface UPI banking in details. In this post we are going to share how UPI Works. How unified payment system works.  As we know UPI is future of payments in INDIA. In present situation  if you want to make payments then first you have to enter the details of beneficiary like  IFSC Code, Bank Name , Account type then Account number.  Even having these all details typing through phone is just impossible and then after banks will take more than 24 hours to add beneficiary in your account.  Then you will be able to make payment of that person.

The Idea behind Unified Payment Interface Platform is to do away with all of this. UPI platform interface will allow account holders to send money and to recieve money through their phones, even with basic pones also having no internet facility. The transaction through UPI take place with Aadhar unique identity number , mobile phone numbers or virtual payment address which a user can create with help of their banks UPI platforms. 

The transaction through Unified Payment Interface take place with help of two types of address either global or local. The global address requires MMID , mobile number or Aadhar number and local address is just virtual address which you can create like your name@your bank name. And by sharing this address also you can get the payment  with your customers or the one whom you need to pay. Continue reading “How Does Unified Payment Interface Works”

Unified Payment Interface UPI Banking

Unified payment Interface Banking i.e. UPI Banking. UPI is Unique new and advance way of Payments services that has been developed by NPCI and RBI on IMPS platform. it simplify the process of online transaction and powers multiple bank accounts into a single mobile application. it will make peer to peer transactions super easy. Consumers can transfer  money instantly as it is based on IMPS platform having upper limit fixed on Rs. 1.00 lac. Transaction through UPI doesn’t require bank account number, IFSC Code of beneficiary it just require MMID which is unique for each account means suppose any customer is having several bank account in various banks then there will be different MMID for each bank account or either you have to create virtual payment address through which you can either send or receive payments instantly.

UPI is actually a revolutionary movement towards making our country completely cashless and it also supports USSD means it can also work on GSM network. Anyone having a basic phone with NO Internet connections can also use UPI platform with help of USSD and can also perform Immediate money transfer through mobile device round the clock 24*7 and 365 days.  Continue reading “Unified Payment Interface UPI Banking”