To transfer money there should be online account, to pay the bills there should be debit/credit card. But this is past. Now we already have banking apps in smart phones which make transactions so easy. There are many changes occurred in past ten years in this. In near future an ultra-modern and easy way of transaction system unified payments interface (UPI) is going to introduce.
The national payments corporation of India (NPCI) is introduced this UPI facility which is working under Indian Reserve bank and Indian banks associations. Till now we used IMPS (immediate payment service), to transfer using this we need IMD (mobile money identifier) and IFSC details. With UPI we only need virtual ID of the user whom we are sending money. There is no need of any details so no fear of safety.
Doing of payments become easy…
By using UPI we can pay the bills easily like shopping malls, education fee, online shopping, taxi, credit card bill, online shopping and etc.
For example it is enough to say virtual ID when you are paying bills at shopping malls. And it is enough to know virtual ID to transfer or to get money into the accounts. Every individual bank has it’s own virtual ID and the UPI app is same for all.
Is there any difference?
You can have a doubt about the difference in UPI and mobile wallets. The transactions through mobile wallets are based on debit/credit cards and net banking. And we should have some money in wallets. And there is no availability of transferring from one company wallet to other wallets. Till whatever the wallet balance can be used by UPI.
In first stage UPI is going to introduce by 21 banks.
We just have to do…
Download the UPI app of related bank and select virtual ID. Generate a mobile PIN for transactions.
Your name, nick name, E-mail iD or phone number can be chosen as virtual ID.