Every person on this Earth aims to have a perfect lifestyle. People aspire to achieve comforts and luxuries in life because these amenities add value to their lives. From escalators to lifts in high-rise apartments today to IoT-enabled smart devices in their homes, every single aspect contributes to enhancing their daily lives, in some way or the other. Behind all such innovations, of course, lies technology and some great minds that wanted to make meaningful differences in society. Some were discovered by chance, while some took concerted efforts of years to materialize into the final product that we see and use today.
Nonetheless, it’s simple things that help improve the lives of human beings dramatically. Since man is perpetually on the lookout to better his life, there is one small little solution proving to be a big asset to mankind these days. It is the UPI App.
What is UPI?
UPI stands for Unified Payments Interface. The interface allows direct bank payments and is one of the most used digital money transfer options today. All that is required for users to start paying using the app is the UPI ID of the person one needs to pay to. Or, payments can be done by QR scan using the UPI App. The tool required to carry out these transactions is an internet-enabled smartphone.
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Various activities that can be carried out using such an app are:
- Transferring money
- Requesting for money
- Scanning and paying
- Carrying out online transactions
- Switch between multiple bank accounts with ease using unique UPI Ids.
Advantages of UPI
- One of the best features is that UP apps can be used round the clock on a 24-hour basis.
- The app can be used practically from any place wherever it is licensed to operate.
- UPI transactions can be undertaken by using the UPI app of any bank or private third-party apps.
- Payments and collections are possible with the help of the app.
- The daily transaction limit is about Rs. 1 lakh.
- It is safe as the transaction can be carried out only using the UPI Id of the user.
- The entire process is simple and can be carried out fast
- The transfer cost is free in most cases, while some banks may charge 0.5 paisa per transaction.
- No pre-approvals are required to carry out the transactions.
Prerequisites of using a UPI App
- The service provider should accept UPI payments. For example, subscribers of BSNL can use such an app for BSNL bill payment only if Bharat Sanchar Nigam Limited accepts payments via UPI.
- The bank where the individual has a bank account should be a member of the UPI network.
- The app needs to be downloaded on the smartphone.
- The app must be run using a secure network, preferably private Wi-Fi or mobile data, to ensure smooth and safe transactions.
- The user’s mobile should be linked with their bank account for OTP (One-time Password) authentication. It is a must to create the Virtual payment address or VPA.
- And, finally, it is important to link the bank account with the UPI since the mobile wallet cannot be linked to UPI, but multiple accounts can be linked to UPI.
UPI has proved to be a big boon ever since 2016, when it was launched by the Governor of RBI, Dr. Raghuram G. Rajan – ever since, apps from various banks and private parties have been available on the Google Store for download. Choosing the right app is important since it determines how safely transactions are initiated and processed.