UPI stands for Unified Payment Interface and UPI payment is an instant real time system developed by National Payments Corporation of India (NPCI) for facilitating inter-bank transactions. This is a single platform which merges multiple banking services and features under one umbrella. Reserve Bank of India (RBI) regulates this interface and this works by instantly transferring money between two bank accounts through a mobile platform. The instant UPI payment platform offers various fund routing to its users. Other than banking features, the “peer to peer” money request is also important feature of this app.
SERVICES OFFERED BY UPI PAYMENT:–
UPI offers various kinds of services, for example:-Users can have access to the details of their balances and transaction histories. They can also send and receive money easily and instantly. There are three ways to transfer funds via UPI- by entering the Virtual Payment Address (VPA) of the receiver, account number and Indian Financial System Code (IFSC) or QR code.
BENEFITS OF UPI PAYMENT:-
1. Firstly, to use UPI, both the payer and payee must have VPA. VPA is basically financial address which eliminates the need to remember the remember bank account details for sending or receiving money. Users can easily make their payments with the help of VPA.
2. UPI users can make their transactions in a safe and secured manner with help of single two click factor authentication process. Also, the VPA financial address ensure the privacy and security of the users.
3. In order to transfer money via UPI Users first need to get registered themselves. And immediately after registration the users can start transferring funds or make payments. So UPI promotes real time transactions.
4. Most importantly the UPI payment services remain accessible to the users 24*7 with help of mobile platform. Users can instantly make their payments from anywhere and at any time, irrespective of public holidays.
5. UPI allows users to link multiple bank accounts to get into single mobile application and permits the transfer of funds from one bank account to another in an instant and seamless way.
6. With the help of UPI, the online payments have become much more simplified and easy. Money can be transferred instantly for hailing services, food delivery services, shopping sites and many such fields with the help of UPI Payments.
UPI payment is the most efficient, instant and economical channel for individual as well as business transactions. UPI is a real time and secured payment system. PAYMONK UPI platform helps the merchants to collect instant and seamless payments from the customers by scanning QR code from any payments App like PAYTM, Google Pay and any such banking app which supports UPI. In addition to this, PAYMONK offers Retail Platform, UPI Platform, Lending Platform, POS Payments and many more.
For further details and information visit: https://paymonk.com/