Digital transactions are the trend now. We have taken a big step forward in the direction of practicing cashless transactions.
UPI plays a crucial role in digital transactions. If you have been using digital portals to make payments, you must have come across the term UPI for sure.
But what do we know about it? Let’s talk!
UPI means Unified Payment Interface. This system was developed by the NPCI – National Payments Corporation of India and facilitates immediate real time payments.
RBI launched this in 2016 and soon after banks started to catch up by introducing their own official UPI apps.
Not just banks but also third party apps like PhonePe and Google Pay (Tez) have the UPI option to make payments with a phone number.
In general you can make payments by scanning a QR code or entering the UPI ID. With the third party apps you can also do the transactions with just a phone number.
This makes things easy for many customers and businesses to receive payments from their customers.
You can make a wide variety of payments using UPI apps and that includes online shopping sites, food delivery services, recharges, movie bookings, bill payments, payment to small businesses and so on.
You can do all these payments without having to login to your bank account, and having to enter the name, account number, and other details – This saves a lot of time.
Sending money to someone is just like sending a text message. You login to your app, enter their phone number, enter the amount and press send.
Since it is too easy, is it secure?
Yes UPI is absolutely secure as it uses encryption technology which is highly secure to tamper. It uses a UPI PIN for every transaction besides the login PIN for the corresponding app.
So you don’t have to worry about it!
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