UPI Full Form

UPI Full Form

UPI Full Form

The full form of upi is Unified Payment Interface.

Nowadays everybody wants fast payment sstem .it is one of them where everybody can trasnfer mony instantly. Money is transfered bank a/c to bank a/c. It was starded by NPCI i.e national payment corporation of india. It can be use to transfer money in about 2 to 3 seconds only. It can be operated by mobile phones also. 

TRANSATION  LIMITS OF UPI PAYMENT SYSTEM 

1. IN GOVT. BHIM UPI APP :- daily transfer limit - rs 40,000  , per transaction limit - Rs 20,000  ,  10 transation can be done per day . There no transatin limit in merchant transatin.

2. IN OTHER PRIVATE APPS - daily transfer limit - rs 1,00,000  , per transaction limit - Rs 1,00,000  ,  10 transation can be done per day . There no transatin limit in merchant transatin.

There are many benefits of using UPI system of payment. Some of them are listed below :-

1. NO LOSS  OF INTREST :- It means that like other digital wallet you do not need to add money to your wallet for transation , instead of it money is transferred from bank a/c to bank a/c so your money do not loss any intrest.  

2. TRANSFER ANYTIME 24*7 :- It means that you can transfer money anytime there is no holiday it is available 24*7 even you can transfer money at midnight also .There is no fixed working hours. your money is transferred instantly in two to three seconds.

3. MULTIPLE MODES OF PAYMENT OPTIONS :- It means that if the person to which you want to transfer money has linked his mobile number to his bank a/c then  you transfer him money by just knowing his mobile number , if he has linked aadhaar to his bank a/c you can transfer him money by just knowing his aadhaar number , he/she can also generate an UPI id or qr code you can also transfer money by using UPI id or qr code.

4. ALL TYPES OF PAYMENTS AVAILABLE :- It means that you can do alll types of payments like peer to peer, bill payments recharges, etc

5. NEGLIGIBLE TRANSATION CHARGES :- For payments using UPI you have to pay negligible transaction charges (upto 50 paise per transaction.

6. SECURED TRANSATION :- One click two factor authentication. For transaction you have to use two things first Mobile number, aadhaar number, UPI ID, QR code, etc and Second is UPI PIN. You don't need to share your bank A/C details to anyone ( Account number, IFSC Code, etc).

7. SEND + REQUEST SYSTEM AVAILABLE :- you can send money and you can request money to anyone, If he/she agree he/she will type the pin and you will get the money in your account.

8. ADD MULTIPLE ACCOUNTS IN A SINGLE APP :- In BHIM UPI app you can add only single account but in other apps like paytm, google pay, phonepay ,etc you and add more than one account.

9. OFFLINE TRANSACTIONS AVAILABLE :-  If however you internet is not working properly then also you can do offline transaction by dialing *99# .

That's all