Amitabh Kant, CEO of the Policy Commission, tweeted, “In January 2021, 230 crore transactions were made on the basis of UPI. An estimated Rs 4.3 lakh crore was transacted. On a year-on-year basis, UPI transactions grew by 76.5 per cent while the figure doubled in value. In India, it actually took UPI 3 years to cross one billion transactions per month. The next 1 billion transactions will be completed in more than 1 year. If you are not using UPI then today we will show you how to open a UPI account and how it is used. We are going to give full details of it.
What is UPI?
With the help of UPI you can transfer money from any account anywhere. The UPI app is very important. Because it not only does the work of payment but also does many other things. Currently you can use UPI through many apps like BHIM, Phone Pe, Google Pay, Mobikwik, Paytm.
Unified Payment Interface or UPI can be used to transfer money from mobile to any other account. This is an idea that allows multiple bank accounts to transfer money based on a single mobile application. It has been developed by the National Payment Corporation of India (NPCI). This is controlled by the Reserve Bank and the Indian Banks Association.
How do you create your UPI account?
You can download any app to create a UPI account. Then you have to enter your mobile number and register on it. You will need to add your account later. After adding an account, you will have to search your bank name here. After clicking on the name of the bank you will have to add your account.
If your mobile number is linked to your account, it will be counted. Select account. You will then need to enter your ATM card details to make the payment. Only after filling it will become your UPI account.
You have to create a virtual payment address for UPI service. All you have to do is link it to your bank account. The virtual payment address becomes your financial address.
Then you no longer need to remember your bank account number, bank name or IFSC code etc. The payer only processes the payment request based on your mobile number and the payment is credited to your bank account.
You will be able to transfer maximum amount of money in just one day through UPI
According to NPCI’s website, a transaction of Rs 1 lakh per day can be made from one account at present. Different banks have set their own sub-limits within its upper limit. You will need to contact your bank for this.