3. 1.Introduction
It was launched by NPCI on 16April2016.
It has been a game changer in the economy of India.
Money can be transfered without Bank Account number or
IFSC code
First mobile platform
Provides intelligent 2factor verification.
4. Histroy
Before UPI a beneficiary account need to be added to net banking
It may take upto 10 hours for transaction
The RTGS( Real time gross money) & NEFT(National electric funds Transfer)
takes lot of time if there is a holiday.
So to transfer money from bank to bank The RBI governor Dr.Raghuam Rajan
launched the UPI
In April 2009 the NPCI was formed to integrate payment mechanism in the
country.
5. Histroy
By march 2011 RBI found that india has only six non-cash transactions
every individual per year
Around 154 million have no access to any form af banking.
It is a part of GREEN INITIATIVE to decrease use of paper which reduces
black money.
UPI was officially launched in 2016 for public use.
UPI became one of the most successful deep-tech innoviative coming out of
India
By 2020 ..25.50 billion transactions per year..followed by China & South
korea.
6. Features
UPI enables Immediate money transfer round
the clock anytime anywhere
It is one of the common platform to manage
multiple bank accounts
No more visiting bank accounts
Makes life easier
Fast counter payments through barcode scan
All banking queries solved through an App
7. Advantages. Disadvantages
1.Hack UPI account
2.Payment delay
3.Mobile hang
problem
4.One time transaction
Limit
5.No work on Slow
internet
6.Low number Pin
1.Secure payments
2.No extra Charges
3.Real time
payment
4.Easy to use
5.maximum bank
support
6.Cashback offers
8. Applications
UPI is a payment system that allows
user to transfer money b/w two
parties
Money can be transfered just with
the UPI ID
list of apps that allow UPI payments
in india
9. Conclusion
UPI is a grand step forward making the cashless payments
FASTER,SMOOTHER, EASIER
It is said that the UPI to be a milestone in the transformation of moders
INDIA
It is all set to become an efflicient alternative to mobile wallets.
