UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone.UPI allows a customer to pay directly from a bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.
- Steps to get started with UPI: Download the app from Play Store and install in phone; 2. Set app login; 3. Create virtual address; 4. Add your bank account; 5. Set M-Pin; and 6. Start transacting using UPI
- How safe is UPI? It is safe as the customers only share a virtual address and provide no other sensitive information.
- What kind transactions can be performed via UPI? Merchant payments, remittances, bill payments among others.
- Is there a per transaction limit? The per transaction limit is Rs.1 lakh.
- How exactly does one make a payment transaction? A user can make an in-app payment for goods or services purchased online. For instance a site allows purchase of a movie-on-demand. User clicks buy, the site/app triggers the UPI payment link and is taken to the pay screen of the UPI app, where the transaction information is verified and a click followed by entry of a secure PIN completes the purchase.