UPI
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This ppt include brief summary of sending money on UPI.
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UPI
- 4. What is UPI The unified payments interface (UPI) offers an architecture and a set of standard application programming interface (API) specifications to facilitate online payments. It aims to simplify and provide a single interface across all NPCI systems besides creating interoperability and superior customer experience. Instant “pay” (push) and “collect” (pull) using single click two factor authentication where mobile is first factor (what you have) and MPIN/ biometrics (what you know/are) as second factor. Ability to use virtual payment addresses(VPA), thus eliminating the need to provide sensitive account information to merchants or other individuals.
- 6. UPI PIN A upi pin is a unique 4 or 6-digit code or password that you need to set for each bank account to enable UPI payment on any app. You will need to enter your UPI PIN on the phonepe app for any payments you wish to make through UPI.
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- 8. Unified payments interface (UPI) is a payment system that allows users to link more than one bank account in a single smartphone app and make fund transfers without having to provide IFSC code or account number
- 9. No need for asking account details One can also raise payment requests Expected that even merchants and companies will widely use this platform.
- 11. Here are the advantages of UPI transaction. • Easy and safe •It’s secure platform •No need to add details of a payee •24 7 fund transfers – without IFSC codes. •Can link multiple bank accounts to the platform. •Fast & free-of-charge transactions. •A high upper limit of daily transaction •Users can use different bank accounts •Great help to avoid the hassle of carrying cash
- 12. Delay in payments due to network or bank server issues Deducted money can take up to 48 to be credited again Only 6 digit PIN may not be strong enough
- 13. Through the UPI, the NPCI has built a strong payment infrastructure that allows for cashless and hassle – free transactions. With the numerous payment applications and easy procedures to register and begin transactions, it is quite straightforward to learn and utilize. This article served as an overview of UPI payment applications.