United Payments Interface is a system of payment that allows you to make an online fund transfer, you have to pay certain minimal transaction charges. Banks charge around 17 rupees but if you transfer funds using UPI then your transaction charge is less than 50 paise. It is so nominal that you will not even consider it before making a fund transfer. UPI money transfer is the most inexpensive way to transfer money.
You do not have any waiting period when you transfer funds through UPI. While you certainly have to register a new payee, you can transfer money instantly after the registration. Whereas if you use NEFT or IMPS then you have to wait for half an hour before you can make a fund transfer. Also, NEFT can easily take up to twelve hours for the fund transfer to be carried out.
We usually prefer cash for a small transaction. This is because online payment requires you to fill in details like card number, expiry date and other details. It is not possible to go through all these steps when you want to pay for a nominal transaction. When paying through UPI transfer, just give your virtual payment address to the shopkeeper. You will receive a notification on your phone and you just need to check the amount and enter your pin.
You can make payments through UPI from various bank accounts. You can easily link all your accounts to a single UPI app to make things comfortable for you.
The banks have propelled the UPI application, yet it doesn’t imply that you need an application from your bank. You can utilize the application from any bank whether you have a record in that bank or not. Your financial balance might be with the ICICI Bank, however, you can utilize the UPI application of the private bank. Before utilizing an application, check cautiously the interface and straightforwardness. Likewise, utilize the application which gives you wanted virtual instalment address.
With the advancements in technology, e- learning services are greatly supporting our daily payments. UPI transfer, for example has proved to be a fast mode of transaction with a very little transaction fee. Our Prime Minister also support cashless transactions. And because of these modes of payments, you don’t need to carry huge loads of cash if you are paying that much amount to another person.
UPI transfer is also considered as one of the most secure form of transactions. In single application, it powers various banks. Plus, with this mode of payment, you can transfer money at any time i.e. 24×7. Main requirement is that your bank in which you have your account, should allow for UPI transaction.
You can check various partners associated with UPI at their website. So next time you are going to make a payment, try to use of this mode of transaction . You will be highly satisfied because your money will be transferred at lightning speed in a secured form. And then you will get used to it.