Wednesday, April 8, 2020

What is UPI?? and What are its Benefits? explain Detail - 2020

 

What is UPI?

UPI means a unified payment interface and how you can send money from your bank account to others' accounts anytime anywhere by using it. And that too will be instant transfer.

Benefits and Use Of UPI. 

What is UPI?? and What are its Benefits? explain Detail - 2020

1. The Cheapest Transaction Cost. 

UPI is the only cheapest way of fun Transfer. To do NEFT, you have to pay a transaction charge of up to 25 kg. The same IMPS has to pay a minimum recharge up to ₹5. But the Transaction of UPI is just 50 paisa.

If you pay through UPI, then you will have to pay a transaction charge on 50 paise only. Which is very rare. Therefore, we can also use this app in a small amount of transactions.

2. Will Make You Free From Cash. 

We use net-banking card payment for all online transactions. But we cannot use all this in some places. At that time we can use UPI.


3. No Need To Reveal Brand Details. 

We are sometimes afraid to pay online. Because our bank details have to be entered. And maybe our card details and bank details can be the robber. For this, an online transaction is not as secure even today.

But using UPI doesn't require you to reveal any details. With each other, you can send and receive payments only through virtual addresses.


4. Instant Money Transfer. 

UPI is the best on the IMPS platform which works 24x7. You can pay anytime and money will be instantly transferred.

5. Instant Payee Registration. 

It takes you 8 to 12 hours to do an online payment system like NEFT. While some banks take even 24 hours. But with UPI, you can instantaneously send and receive payment from your virtual id.


6. More Secure Payment Method. 

Most people do not like online transactions. Because our bank details are going to leak in some way. Suppose you have done online shopping. And the payment details of that are stored on your phone. Any person can do anything by looking at your bank details.

But in UPI you can make a payment from your smartphone without giving bank details from a virtual address. In any way, no one can find the clue of your bank account details from the virtual address.


7. Money collection Facility. 

If you are a service provider. So you can collect money from your customer for your given service or product. Often there are a lot of customers who want to avoid paying the time of payment. But through the UPI app, you can instantaneously send a payment request to them. The customer will get an SMS from the bank, and they will only approve the request from their app, the payment will be credited to you.


8. Cheap Alternative of P.O.S Machine. 

In small shops, we often have to make cash payments. Because he cannot report the card swipe machine at his shops. The commission that he has is more. And to keep all this machine, they have to pay a charge on the monthly bank.

But with the help of the UPI app, they can receive payment without thinking because the transaction charge is only 50 Paisa


9. UPI Replace all digital Wallets.


Many people use different types of wallets such as Paytm, MobiKwik, Freecharge. There is a problem with using all those wallets. Wallets have to be recharged in advance and it does not give you interest.

But the UPI app can replace all wallets. You don't have to use a wallet whenever you can make a payment from your bank. The bank will also pay interest on your money


I hope you like the post. Thank you for Coming. Have a Nice Day.

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