{"id":1660,"date":"2016-11-24T22:30:13","date_gmt":"2016-11-24T17:00:13","guid":{"rendered":"http:\/\/easybankingtips.com\/?p=1660"},"modified":"2016-11-25T10:03:04","modified_gmt":"2016-11-25T04:33:04","slug":"unified-payment-system-faqs-upi","status":"publish","type":"post","link":"https:\/\/easybankingtips.com\/unified-payment-system-faqs-upi\/","title":{"rendered":"UPI: Some Very Frequently Asked Questions Answered"},"content":{"rendered":"
UPI or Unified Payment Interface<\/strong> is a platform\u00a0that enables you to make or receive payments using a virtual address on your smartphone.<\/p>\n It was launched by the former RBI Governor Raghuram Rajan in February, 2016. This is a monumental step towards cashless economy.<\/p>\n Over the past few decades, the advancements in information technology have made it possible for us to use plastic money<\/strong> (debit card and credit card) and make payment easily. Moreover, in the past several years, the increasing use of the Internet, smartphone phone, and applications have made it possible to make payment via digital wallets<\/strong> such as PayUMoney, Paytm and so on.<\/p>\n So, essentially, the UPI turns your smartphone into a virtual debit card<\/strong>, helping you send or receive money seamlessly.<\/p>\n In this post, we will try to answer some of the most frequently asked questions about the UPI or Unified Payment Interface platform.<\/p>\n The UPI or Unified Payment Interface is like an email address or a Unique Identifier which your bank uses to send or receive money on your behalf. In case of UPI, the bank uses the IMPS (Immediate Payments Service) to complete the transaction.<\/p>\n IMPS is more advanced and faster than NEFT (National Electronic Funds Transfer<\/strong>).<\/p>\n Consider this<\/strong>: The NEFT requires you to add your payee as a beneficiary and then wait for your bank to approve it before you\u2019re able to initiate a transaction. Again, it takes a couple of hours for the money to hit payee’s account. So, basically, it\u2019s a cumbersome and time-consuming process, right?<\/p>\n On the contrary, the UPI simply requires you enter the recipient\u2019s virtual address (e.g., ravi@hdfc.com) to make the payment on the fly. Really, it\u2019s that easy and fast!<\/p>\nWhat is UPI?<\/h2>\n
Great, So Who is Behind Unified Payment Interface?<\/h2>\n