UPI full form: In today’s era, due to modern technology, our work has become very easy. Like you take the transaction of money only. Now you don’t have to wait in long lines in the bank. You can very easily pay money to anyone in your account through upi id. Now you must be thinking that what is this UPI ID ? What is its full form and what is its special utility in the transaction of money.
The campaign of Digital India has progressed so much that almost every smartphone user is becoming cashless and online payment is giving more importance. Whether you have money in your pocket or not, but there is a mobile phone. And when you have mobile, money in your bank account then you can easily come anywhere, buy anything.
Nowadays every shop has a bar code which can be scanned and customers can make online payment. During all these things, you must have heard the word UPI? But no one has complete information about it. Even the most common thing, very few people know the full form of UPI. So let’s get all the information related to this term in today’s article.
UPI Full Form: What is UPI, how does it work?
The full form of UPI is Unified Payments Interface (Unified Payments Interface) in English. Through this you can transfer money between any bank account. It directly means the transactions related to your money.
Apart from paying bills or sending money, you can also get money in your bank account when you go shopping in any person, merchant or mall.
After demonetisation, the process of making online payments increased very rapidly. The purpose behind starting the facility of online payment facility was to bring digital revolution in the country. Through UPI, people can do money transactions sitting at home very easily, that too in a very secure way.
In today’s era and use of internet, almost everyone is using smart phone and internet, but still very few people are aware about this facility. Due to which they have to face a lot of problems. Even for small work, they have to make rounds of the bank, due to which a lot of time is wasted.
But once a person starts using this thing, then he himself gets an idea of its benefits, ease or convenience.
What is UPI ID?, How is it effective in doing UPI transactions?
You must have got a rough idea that the term UPI is very effective in the field of online banking. It is a digital banking system. Through this, money is transacted through online payment application. However, it is considered necessary to link the bank account on Google Pay, Phone Pay and Paytm etc. Actually doing money transactions with UPI becomes very easy.
This is a very effective way of making payment. Because many times it happens that we do not have cash money and we have to buy something or need to give money to someone. Many times we fall short of money by buying goods in the shop.
In any such situation, now we have a very good way available UPI. Actually apps like Phonepe, Google Pay, Paytm are UPI based i.e. they use UPI to receive or send money. There is no need to give bank account number for this.
However, in these apps you have to link your bank account. After this you get a UPI Id from which you can send or receive money.
People are usually confused about the real meaning of UPI ID. UPI is a new and advanced method of online payment system. This has been started in view of the convenience of the people through the Reserve Bank of India and the National Payments Corporation of India. In short words, this is an application that helps you to transfer money between two bank accounts through mobile. UPI is a kind of new digital technology. It is playing a very important role in terms of transactions at the present time.
Benefits of UPI
Those who do transactions through UPI, they have a lot of convenience in making payments. Its payment method is very easy.
If you want to send money to someone, then you do not need to take his bank account number, but you can also send money to his UPI Id or mobile number linked to the payment app, even then the money goes to his bank account only. Is.
If you want to take money from someone then you can give your upi id, you don’t need to share your bank account details.
The most important advantage of UPI is that you get to see a very simple interface in it, which is very easy to learn. If you have to pay money in a shop with this, then it takes less time than paying cash for this. All you have to do is scan the bar code, enter the amount and confirm it by entering your UPI PIN.
How to use UPI?
To use UPI, you have to use any UPI based payment app. For example, Phonepe, Google pay, Paytm, Amazon Pay, Jio money etc. are the most popular apps and you can use any of them.
All you have to do is install the app and regiter with the mobile number. During this you also have to give your bank details. One more thing to keep in mind that to use UPI, that number should be installed in your mobile which mobile number is linked to your bank account i.e. linked.
After the registration process is done in the app, to use the UPI ID, first you have to open your profile.
After this you will see something like this option of [email protected] . It is known by the name of UPI ID. UPI ID contains your own personal ID. Through this, we can transfer money to other’s ID very easily and can also receive money on the same ID.
At present, there are many such apps, with the help of which users use UPI. For this, users will have to link many apps like PhonePe, Google Pay, Paytm, Amazon Pay etc. to the bank. After this, users can access their UPI account only after giving their ATM details.
Importance of UPI Pin in Transactions
As I have already told you that its UPI PIN full form is “Unified Payments Interface Personal Identification Number”. Apart from this, as a knowing user, you should know that this is a 4 or 6 digit number set by the users themselves during the registration on the UPI application.
The same UPI PIN has to be entered to complete any type of online transaction through the same users. After this your transaction is considered complete.
Allows users to confirm transactions through UPI PIN. Because of this, you are given the same advice that you should not share the UPI PIN with anyone at all. This increases the chances of fraud.
How to transfer money through UPI?
To use the service of UPI, users need to create a virtual payment address or VPA and link this VPA with their bank account.
Now while transferring money, you just have to enter the UPI ID of the person to whom you want to send money. For whatever amount you have to transact, after you just enter the UPI PIN, your money will be transferred from your account to another’s account in a few seconds. Its more special feature is that it works even during the holidays.
How to create UPI ID?
If you want to do transactions by joining this new technology, then for this you should also be aware of how to create a UPI ID.
- Users have to first download the BHIM App or any other digital payment app.
- After this, users will see the option of UPI in the app, you have to go there and click.
- In the further process, the option of ‘Link With Your Bank Account’ will appear.
- Now you have to select your bank, and right after that users have to enter your registered mobile number, which must be linked to the bank.
- After this, the option of ‘Verify Your Mobile Number’ will appear in front of the users, to which the bank account of the users is linked.
- Now you will receive SMS on your registered mobile number. This will be automatically sent to UPI and in this way your number will be verified. In this way your UPI ID (VPA) will be digitally created.
- After this you have to enter the bank details and the number to generate the PIN comes. You have to set your UPI PIN.
Keep in mind that I have told this process for any one app and according to the updates from time to time, this method also keeps changing a bit. Therefore, you have to follow the process of understanding yourself after taking some idea from this given step.
UPI Full Form: Conclusion
Friends, in today’s article, you have given a very special kind of information related to UPI, which is usually available only to those who have knowledge of the technical field. But in today’s era, it is very important for you to be aware of this, because sometimes you also have to send payment through online medium. In such a situation, UPI is being used a lot more.
In this article, I have tried to give you all the important information about UPI like, full form of UPI, how to make UPI, utility of UPI and its benefits etc.