What is UPI, and How is it Beneficial For You?

With the demonetisation in India, cashless payments have been promoted, and UPI helped boost the process. UPI stands for Unified Payment Interface, and it is relatively faster than NEFT or any other money transfer method. It will help you get rid of your wallet and completely shift your transactions to digital platforms.

For several years, we have been planning for a banking revolution, and by this, we mean changing the traditional practices and adopting a new method. The revolution is based on the residents, and UPI-based apps are a positive step towards it.

Phonepe is also a UPI-based app launched to make it easy for its users to process the digital payment by scanning the code or entering the phone number. It went live in 2016 and was an initiative by Flipkart. Some of its users have constantly been searching for a Phonepe customer care number. We have mentioned the relevant facts about the same in the sections below.

What is UPI?

UPI acts like an email ID for your monetary transactions. Your banks use a unique identifier to proceed with the transfers using the Immediate Payments Service (IMPS). As already mentioned, it is way faster than NEFT and other transfer processes, and unlike others, it works 24 hours a day.

Thus, this shows that online payments have become much easier and more accessible, eliminating the need for a digital wallet, credit card, or debit card.

Who is behind UPI?

UPI is an initiative by the NPCI, the National Payment’s Corporation of India, and is set up together with the Indian Bank Associations and the Reserve Bank of India. This NPCI allows the connection of different banks and makes it easier and less time-consuming to transfer the funds.

Working of UPI:

Earlier, when you had to transfer the balance from one bank to another, you needed to access bank details, account number, and account type. And this used to take around 12 hours to add a new payee to your list and transfer the amount.

The motive of UPI is to eliminate this painful process and allow sending and receiving money simply through smartphones, using the phone number, Aadhar Unique Identity Number, and VPA.

But for this, your bank needs to be active on UPI, and mostly all of them are now using the services, connecting you to the system.

Is UPI secured or not?

The owners have quoted that all the platform transactions are end-to-end encrypted, and they have also mentioned that the IMPS network through NPCI holds at least eight thousand crores of transactions per day.

Also, it has two-factor authentication. This is similar to the one-time password method, but instead of OTP, they will use MPIN.

Is UPI charging any additional amount on its transactions? 

This question is frequently searched, as people want to know the additional charges they will have to bear on their online UPI transactions. Thus, this holds a relieving answer: you now need not bear any extra charges for it. Phonepe has made it free for its customers to transfer the payments through the app, which is too easy.

What are the benefits of phonepe?

Along with free transfers, it also offers many other benefits to its customers. You can book your bus and train tickets, book your daily rides with Ola or Uber, and also pay your utility bills with a click.

In case of any confusion or if you are stuck somewhere in the app, you always have the option of calling the calling the Phonepe customer care number, as they will provide easy solutions to all your queries.

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