UPI stands for Unified Payments Interface which enables transfer of money from one bank account to other instantly using one’s smart phone. National Payments Corporation of India (NPCI) has developed this App to facilitate inter banking transactions. The UPI app on mobile phone allows the transactions to be done in secure, fast and hassle free manner. There are several features of UPI app which includes send money, request money, scan and pay, transactions, profile, bank account and many more. The facility of money transfer via UPI app remains available for 24*7.
Basic Criteria for using UPI App:-
It is important to have a bank account firstly and the mobile number must be linked with the respective account. The next thing is to download the UPI supporting app on smart phone and choose a bank from the provided options. After this, the users should create a UPI ID and link it to their bank account. The UPI ID acts as financial address and account number, IFSC codes or net banking details are not needed for quick and secured transactions. One of the commonly used app which offers payment via UPI method is BHIM, which is developed by NPCI.
Special features of UPI App:-
1) Instant and hassle free money transfer through smart phone.
2) Single mobile app to access multiple bank accounts.
3) UPI’s two factor authentication makes it a safe and secure payment app.
4) UPI allows us to pay merchants using this app as payment option.
5) Convenient way to send or receive money 24*7, even on public/ bank holidays.
6) One can raise complaints directly using mobile app.
7) Highly suitable for e-Com and m-Com transactions.
8) Payment of various kind of bills, shopping bills, mobile bills and many more.
9) One can use this app to request money from others.
10) Digital advancement and step towards cashless economy.
How does UPI App operate:-
UPI, basically transfers money from sender’s bank account to receiver’s bank account by keeping the bank account details of both the parties indulged in transaction, safe and secured.
UPI can be used in three ways:-
1. By entering the UPI ID of the sender/receiver.
2. By scanning the UPI QR code
3. By entering the receiver’s account number and IFSC code.
PAYMONK AND UPI
UPI can be used to send and receive money from individual to individual or to pay directly to merchants. One can easily send and receive money using UPI on PAYMONK. For this one needs to follow simple steps. They have to create UPI ID firstly, then transfer the money and finally scan and pay. PAYMONK UPI empowers merchants to collect payments anytime conveniently and safely. PAYMONK is one of the leading payment service provider which appoints customer service points (CSPs) across the country, who in turn provide services in their locality and nearby areas. It also offers Retail Platform, UPI Platform, Lending Platform, POS Payments and many more.
For further details and information visit: https://paymonk.com/upi.html