Whenever we want to transfer money to friends, family or merchants quickly UPI service comes to our mind first because it’s an easy and quick process seamlessly.
Have you ever thought?
What is UPI and how it works?
Don’t worry I am here to clarify your doubt in your mind………….
What is UPI?
Unified Payments Interface (UPI) is a framework/platform which allows us to send, receive money between bank accounts. Multiple Banking services can be used under one Mobile Application (e.g. GooglePay, PhonePe, Paytm, BHIM UPI, AmazonPay, etc.) You can do recharge, Bill payments as well using these Apps.
Who created UPI?
The Pilot phase of this system was launched by The Governor of RBI (Dr. Raghuram G Rajan) on 11th April 2016. Merging multiples Indian Banks, banking features merchant payments & seamless funds into one headpiece. From 25th August 2016 onwards, approx. all banks UPI Apps get started available on Google Play Store & App Store.
How to activate UPI?
To activate UPI service, you need to make sure that your mobile no. is registered with your bank account and debit card with a PIN.
Steps to activate UPI in Google Pay Application:
- Download and install Google Pay from Play Store running Android 5.0 (Lollipop) or higher
- Open the App and provide necessary permission which App will ask
- Enter phone no. linked to the bank account
- Sign in with your Google account
- Click on Next, you will receive OTP on your mobile
- The successful OTP verification process is done by you, Register your bank account
- To register a bank account, click on your profile picture on top of RHS
- Click on “Add a bank account”
- Select your bank from list
- If you already have a UPI account and PIN, an automated SMS will send through your mobile for verification and your bank account will add successfully
- If you are a new one then you need to enter your debit card details, CCV and ATM Pin to activate your UPI
- Once done with that you need to set your 4 digit UPI Pin to make a transaction
- You can add multiple bank account in a single UPI App and select set you preferred bank account as primary by using the option “Set as Primary Account” so whenever you will receive money from anyone it will get credit in your set primary account
Note: You'll need a Google account, an active Indian (+91) phone number & an active Indian bank account to set up Google Pay.
How to transfer or receive money by UPI?
Transferring or receiving money through UPI is easy and faster that IMPS and NEFT.
How to transfer or receive money by UPI?
Transferring or receiving money through UPI is easy and faster that IMPS and NEFT.
Open the Google Pay app. Click on "New Payment" option at the bottom. Now you will see multiple options (i.e. Bank Transfer, Phone no., UPI ID or QR, Self Transfer).
Bank Transfer: Use this option if you want to send money to bank account via Account no & IFSC code. We mainly use this option who has not activated UPI service.
Phone No.: If your friend or family has activated UPI Service on his mobile then you can directly send money using mobile number and the money will get credited is his default bank account no.
UPI ID: You can also send money using QR code or UPI code.
Self Transfer: Transfer money from your one account to other accounts.
Bank Transfer: Use this option if you want to send money to bank account via Account no & IFSC code. We mainly use this option who has not activated UPI service.
Phone No.: If your friend or family has activated UPI Service on his mobile then you can directly send money using mobile number and the money will get credited is his default bank account no.
UPI ID: You can also send money using QR code or UPI code.
Self Transfer: Transfer money from your one account to other accounts.
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