UPI : Unified Payment Interface Of India
UPI is a new payment system that allows to transfer money between any two bank accounts by using a mobile phone.UPI app will allows a customer to pay money directly from a bank account to different merchants,both online & offline is available, without typing credit card details, IFSC code, and net banking/wallet passwords.It enables all bank account holders to send and receive money from their smartphones with a single identifier without entering any additional bank account information.UPI can also be used to pay merchants who accept UPI as a payment mode.You can download these UPI app in your smartphones(android ) phones through playstore Install UPI app and use it to transfer money the only thing you need is your mobile number for transactions.
Benefits of Using UPI :
♦ UPI is revolutionary all over. It will make the banking transaction very easy.
♦The UPI will transfer the fund immediately with in few seconds.No restrictions to transfer the fund on holidays and working hours.
The bank strike will also not affect the UPI payments.
♦You dont require the more details like bank account number and IFSC code recipient.
♦You can transfer from any bank account through a single UPI app.
♦You need not to wait up to 24 hours/ 1 day to send money or to receive money.you can get money immediately.
♦You can send the bills and get money once the client approves it.
♦You can use the Cash on Delivery without paying cash to the delivery boy. Just approve the bill and the delivery boy would get confirmation.