Through UPI, you can transfer money instantly just by entering a password, but you know how to create this UPI. If not, today we tell you how to create UPI account.
NITI Aayog CEO Amitabh Kant tweeted about this, 230 crore transactions were done through UPI in January 2021, which led to about Rs 4.3 lakh crore transactions. On a year-on-year basis, the UPI transaction increased by 76.5 per cent, while by value this figure has doubled. In India it took UPI exactly 3 years to cross one billion transactions every month. The next one billion transactions will be completed in less than 1 year. If you are still not using UPI, how are you opening UPI account and how it is used today. Giving information about this
What is UPI
With the help of UPI you can transfer money anywhere, to anyone’s account. Apps of UPI are quite special because they do not just work for payment but also do many other things. At this time, you can use UPI with the help of many apps like BHIM, Phone Pay, Google Pay, Mobikwik, Paytm.
Unified payment interface or UPI is used to transfer money from mobile to another bank account. It is a concept that allows many bank accounts to transfer funds through a mobile application. It has been developed by National Payment Corporation of India (NPCI). Its control is in the hands of Reserve Bank and Indian Bank Association.
How to create your UPI account
You can download any app to create a UPI account. After this, you have to enter your mobile number and register on it. After this you have to add your account to it.
After adding an account, here you have to search your bank name. After clicking the name of the bank, you will have to add your account.
If your mobile number is linked to your account, then it will appear. Select the account. After this, you have to give the details of your ATM card to make payment. With giving it, your UPI account is created.
To avail UPI, you have to create a virtual payment address. After this, you have to link it to your bank account. The virtual payment address becomes your financial address.
After this, there is no need to remember your bank account number, bank name or IFSC code etc. The payer simply processes the payment request according to your mobile number and the payment arrives in your bank account.
What can happen with UPI?
You can pay bill through UPI. Apart from this, you can pay someone online. Also, you can also transfer and recharge money directly into a bank account.
It transfers funds to an account with the help of IMPS (Instant Fund Transfer). Due to being a digital platform, it can be used at any time, even on holidays.
Transactions can be made from multiple bank accounts with one mobile application. The virtual payment address given by the bank is used. Money is transferred using IFSC code and mobile number.
M-PIN (Mobile PIN) is required to authorize every payment. The service can also be availed by dialing * 99 # in a phone with no internet connection. Every bank has UPI platform, which is developed according to the mobile operating system (Android, Windows or Apple).
How much money can be transferred from UPI in a day
According to the NPCI website, a transaction of 1 lakh rupees can be done daily from an account now. Under this upper limit, different banks have maintained their own sub-limits. For this, you will have to contact your bank.