In an effort to make monetary transactions fast & easy and enhance India’s e-banking system, the governor of Reserve Bank of India, Raghuram Rajan in collaboration with the National Payments Corporation of India (NPCI) launched UPI i.e., the Unified Payments Interface.
Launched as a mobile app, the users will now be able to make monetary transactions in a much simpler and faster way. A limit is ought to be there despite which users can transact any amount in form of cash that is below Rs. 1 lakh. It can also be an amount as much as Rs. 50. Yes you heard it right!
How Will UPI Be Useful?
All that a customer requires to operate UPI is just a smartphone (Sell Old Mobiles). More than what you require, things that are not require have become interesting. For any transactions via UPI, the users don’t need details of the second party’s account number, branch detail, IFSC code, etc.
With the help of the receiver’s unique ID, users can directly share the money without using cash from one account to another account via UPI. In this way, users can also use the UPI app for making online payments or COD payments instantly with the firm’s unique ID once they have received the product.
One of the best features of UPI is that the users need not have any particular bank’s account in order to fulfill their transactions. One can use a UPI system of any bank via their smartphone (Sell Old Mobiles) to make payments or transfer money. So far only about ten banks have been associated with UPI system. It is expected that other private banks as well will join soon.
How To Access UPI?
From Google PlayStore, download the UPI app, register your bank account & create a unique ID. A mobile pin will be created post which you can select the amount and make payments after entering the recipient’s unique id. Click on send, authenticate your transaction with a mobile pin & it’s done.
Apart from this, users can also link their Aadhaar number to UPI. The reason for taking such an initiative is because NPCI & RBI are aiming towards curtailing the number of cash transactions in the country as the number of mobile (Sell Old Mobiles) banking users has been on the constant rise.
Not only would this system be easier and faster for transactions & making payments, but it is due to this advancement in digital technology that it would become possible to keep a record of the cash flow in our economy. Hopefully the amount of unaccounted money will shrink & UPI brings transparency into the system in near future!