UPI(Unified Payment Interface)
UPI means Unified Payment Interface, unique identifier that your bank uses to transfer money and make payments.UPI is a system that powers multiple bank accounts in a single mobile application. Several banking features can be merged in UPI system and all the banks registered under UPI can be accessed through a single mobile application. Just like any other mobile apps for monetary use, UPI is also an app which can be used to complete your monetary transaction online. Paying Telephone bill, electricity bill, transferring small amounts to any other acount are some examples of transaction which can be made through the use of UPI
Application of UPI
-Barcode scan and pay bills, Utility bills and school fees.
-Instead of Cash on Delivery one can transfer money using UPI.
-Donations, Collections, Disbursements Scalable.
-Bill sharing among friends.
-PUSH and PULL payments for various purpose.
-Merchant Payment with Single Application or In-App payment.
-Banks with UPI app facility
How to registerd on UPI app?
1.) Download UPI app from google play store on your mobile
2.) Create your profile with your ID and password
3.) Link your bank account with your UPI account.
4.) Set Pin
5.) UPI app is activated and used for onlie payment.
How does UPI works?
-The receiver of the payment makes a request for payment to the UPI through an application.
-The UPI requests the authentication data from the payer.
-The payer returns the data requested by the UPI.
-The UPI makes a payment request to the bank of the sender.
-The sender’s bank sends a payment response to the UPI.
-The UPI returns the response to the request for payment to the beneficiary’s bank.
-The beneficiary’s bank returns a payment response to the UPI and the UPI returns it to the recipient.
-The receiver returns a response to the application.