How Does UPI Works
Friends, most people used to send money through the NEFT and RTGS systems earlier. UPI is a real-time payment system, which works on IMPS (Immediate Payment Service) technology. UPI is the most advance method, which is used in mobile phones. Apart from this, you can use it anywhere, and you can use Bank Transfer from UPI to give money to any service. With the help of UPI technology, common people can also transfer money.
Now you will think when and where we will be able to use UPI. Example – If you want money, with the help of UPI, you can share money instantly in anyone’s account.
Just like if you want to transfer money from net banking, you need the bank account number, full name, bank name and its IFSC code. And you have to add all these banking details to your Internet Banking Account. Only then you can transfer money.
But if you want to use UPI then you need UPI ID. With the help of UPI ID, you can easily transfer money to someone’s account in a short time. And these are among the best technology ever.
Whenever you make UPI payment, a limit has been fixed for it, currently, the UPI Payment Transaction Limit has been fixed at Rs one lakh. And according to the number of times you transfer money, per transaction costs money.
Nowadays all banks get their mobile number from their customers. This mobile number is linked to their account. UPI receives the account information through the linked mobile number. If the mobile number is not given in the bank, then you will not be able to take advantage of UPI.
As of now, there are many UPI apps, some of which are related to banks, and some are third parties associated with banks. Phonepe, MobiKwik, Freecharge and Google Pay are also based on UPI. And for this, they have tied up with other banks. Like Paytm has its own bank. These are the best service ever.