What is UPI? Where Is It Used? Is UPI Safe?

You must have done a money transaction by Google Pay, PhonePe or any other payment app. Have you wondered how it transfers money so fast? This is because of UPI. UPI stands for Unified Payments Interface. It is developed by the National Payments Corporation of India (NCPI) and is regulated by Reserve Bank of India. 

UPI works 24x7. Users can send money by scanning QR Codes or by entering the UPI ID. Then we need to enter the recipient’s account number, bank name and IFSC code for making a payment. After this system directly sends money from your bank account to the receiver's bank account. 

Apps like Google Pay, PhonePe etc. make this process even more simpler. In it we just need to enter the phone number of the receiver.Then by entering your UPI pin, money is immediately transferred. The whole process of money transfer is simplified with security here. 

Nowadays we can even send money through Whatsapp, just as we send messages. There are many more UPI payment apps aveilable.

UPI is safe to use as it is managed by Reserve Bank of India. But you need to beaware. You should not share our UPI Pin to any stranger, Never open emails or links from unknown sources, Keep your details updated with your bank. You can learn more on UPI security here.

Thanks for reading. Do write in commets if you got to know something new today.

Written by

Nidhi Patel

Refrences:

1.https://cleartax.in/s/upi-unified-payments-interface

2.https://razorpay.com/blog/how-upi-works-benefits-india/

3.https://www.npci.org.in/what-we-do/upi/faqs

4.https://www.npci.org.in/what-we-do/upi/product-overview

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