This time Amitabh Kant, CEO of the Policy Commission, tweeted, January In 2021, 230 crore transactions were transacted by UPI, resulting in a turnover of about Rs 4.3 lakh crore. On an annual basis, UPI transactions grew by 76.5%. When in terms of value this figure doubled. In India, it actually took UPI 3 years to cross one billion transactions per month. The next 1 billion transaction will be completed in less than 1 year. If you do not use PUM UPI then today we are giving you information on how to open an account in UPI and how to use it.
What is UPI?
With the help of UPI you can transfer money from anywhere to any account. UPI’s app is very special. Because this is not only the job of payment but also many other things. Nowadays you can use UPI using many apps like BHIM, Phone pay, Googke pay, Mobikwik, Paytm.
Any other bank from mobile AccountUnified Payment Interface or UPI is used to transfer money to. This is a concept that allows multiple bank accounts to transfer money through a single mobile application. Developed by National Payment Corporation of India. Which is controlled by the Reserve Bank and the Indian Banks Association.
How to Create Your UPI Account
You can download any app to create UPI. Then you have to enter your mobile number and register on it. Then you have to add your account in it.
After adding an account, you will have to search your bank name here. After clicking on the name of the bank you have to unify your account.
If your mobile number is linked to your account, it will be blocked. Select account. You will then need to provide your ATM card details to make the payment. Your UPI account will be created as soon as you give it.
To avail UPI services, you need to create a virtual payment address and then link it to your bank account. The virtual payment address becomes your financial address. Then you do not need to remember your back account number, bank name or IFSC code etc. Payers only process payment requests based on your mobile number. And that payment goes into your bank account.
What can happen with UPI
You can pay the bill through UPI. In addition, you can pay someone online. You can also transfer and recharge money directly to a bank account.
It transfers funds to any account using IMPS. Being a digital platform you can use it at any time, even on holidays.
Transactions can be made from multiple bank accounts with a single mobile application. The virtual payment address provided by the bank is used. The amount is transferred using IFSC code and mobile number.
A mobile PIN is required to authenticate each payment. You can also avail this service by dialing * 99 # in a phone without internet connection. Every bank has a UPI platform. Which has been developed according to the operating system of the mobile.
The maximum amount that can be transferred from UPI in a day
According to NPCI’s website, transactions of Rs 1 lakh can be made daily from one account at present. Different banks have maintained their sub-limits under this limit. For that you have to contact your bank.