India is now almost a cashless country and the credit for it goes to the UPI Payment system. The UPI Full Form is Unified Payment Interface which is termed in Hindi as एकीकृत भुगतान अन्तरापृष्ठ.
UPI payment system is established by the National Payment Corporation Of India. Through UPI you can transfer or receive instant payments directly to your bank accounts.
The payment through UPI can be performed by using various available apps on mobile such as Amazon Pay, PhonePe, Google Pay, etc.
What is UPI – How To Use The UPI Payment System?
About UPI Full Form: The UPI payment System is a pure invention of India. However, there are speculations that soon it will be made available across the globe.
Reserve Bank Of India regulates the interface for the payments. What do you mean by Interface? The interface is an easy language is the medium for transfer.
Whenever you transfer payments to bank accounts, RBI keeps a close eye on it, and then it authorizes the payment for the transfer.
What is the Full Form of UPI?
Full-Form of UPI: UPI payment System first introduced in India on the 11th of April, 2016. Later on, BHIM (Bharat Interface For Money) app launched in India on 30th December 2016. Mr. Narendra Modi, Prime Minister of India himself launched this app.
When the UPI payment system was launched few of the people are aware of the system. But when the BHIM app was launched by Prime Minister himself made the UPI system the most popular way of transfer the money for every citizen of India.
What is the purpose of UPI?
In India, carrying cash has become a big burden for each citizen. People have to make payments in grocery stores, departmental stores, shopping malls for their purchases. Citizens find it difficult to pay everyone every time in cash.
UPI Full Form in Banking
Before the introduction of UPI services, IMPS and Net Banking Services had already been used in India. But when the UPI payment system came people just forgot these services. UPI payment service is very easy to use.
IMPS And NEFT Service in India
While using IMPS or NEFT payment services details like Payee account name, Bank name, IFSC code, and the account number is required.
That becomes a very lengthy process for the customer. But this is not the same with UPI payment service.
In UPI Payment service just by inserting the payee mobile no. or scanning the QR code of the payee and inserting your mPIN, you will transfer funds within a second.
The UPI Payments Statistics In India
Figures of the number of payments and transfers through UPI has been increased drastically throughout the years.
Ever since it was launched, the total transfer of the amount through UPI in India stands to more than 2,22,000 approx till February 2020.
Demonetisation in India played a vital role in increasing the statistics of UPI Payment. When there was a shortage of cash at the time of demonetization the people chose the UPI payment Transfer Service for their requirements.
The amount through Mobile-only transfer stands 17 lakh Crore approx till now. These figures are proof that how every citizen of India is solely dependent on UPI payment.
India is recording around 800 million approx transactions per month from the mid of 2019 through UPI.
UPI Services in India
UPI services without banks are useless and couldn’t be operated. So Banks play the main role in the services. There are around 142 banks that are connected to UPI payment services.
For providing the UPI service to customers, the receiver and sender bank should posses the UPI services.
There are various ways to send and receives the payment through UPI payment services such as by inserting UPI ID, scanning the QR codes of the payee, or sending the amount directly to the bank by using the details of IFSC code and name of the bank.
How To Register For UPI Payment Service?
But for using these services some steps are common and mandatory for all.
- Install a UPI enabled app. Various apps are available which you can download from the play store such as Phone pe, Google pe, Amazon Pay, etc.
- Before using UPI services you have to create a UPI Id which is also known as a virtual id. It is your UPI identification. For this, you have to create your profile first. Some apps will create your UPI id automatically. You can also create your UPI Id in the BHIM app and can use it for any other app.
- For creating the UPI Id details like name and passwords are required. Sometimes some app demands Aadhaar number also for registration.
- In the next step go to mange bank account option. In some apps, this option is available with names like link/add a bank account. By clicking on this option the app will redirect you to the list of banks option. Choose your bank name from the list. Remember that your mobile should be registered in that bank.
- You will receive the OTP from your bank. Just insert the OTP and your bank account will link to your UPI ID. You can link multiple bank accounts with the same number.
How To Create UPI mPIN
Learn, How to create UPI mPIN of Your Account. Follow the Step by Step process, Below the detailed info.
- You are almost there to complete the transaction. But before doing that create mPIN because it is required for every transaction. After completing the above steps, the app will automatically redirect you to the page where you can create your mPIN.
- When you click on the create mPIN(may differ according to the apps) option, you will receive an OTP in your registered mobile number. Insert the OTP.
- Now the app will demand the details like the last six digits of your debit card. The expiry date of your debit card. As you enter the details you will be redirected to create an mPIN page. Create the six-digit mPIN for your UPI payments. Some banks demand four digits mPIN for UPI Payments.
- Click on the submit button and you will be ready with your mPIN. Whenever you transfer money with UPI, mPIN will be necessary.