123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

Here Are 5 Reasons To Shift To Upi

Profile Picture
By Author: Neha Sharma
Total Articles: 170
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

"UPI is a payment system developed by the National Payments Corporation of India and is one of the most popular modes of fund transfer in India today. But what is it?

UPI or Unified Payment Interface is a means to transfer funds from one party to another. However, unlike the typical fund transfer system, where the bank details of the recipient are used, UPI uses a UPI ID. Payments can be made and received on the UPI ID. Using UPI is extremely simple.

If you’ve not transitioned to making payments via this method, then here are 5 reasons to shift to UPI.
1. UPI is simple to setup and use:

The Unified Payment Interface system is very easy to set up. You need to download any UPI app i.e the official BHIM UPI app by NPCI or any UPI app issued by any bank. It is possible to use UPI through wallets such as Google Pay (Tez), PayTM, PhonePe etc.

To set up UPI payment, you need to create a unique ID. This ID will be linked to your bank account number. You also need to create a PIN for yourself. Before a transaction is authorized, the UPI system requires you to input your PIN. Once the PIN is input, ...
... the amount gets debited from the payer’s bank account is paid to the recipient.

It is not necessary to link a particular bank’s account details to use the UPI app, i.e it is possible to use HDFC Bank’s UPI app but put in details to any bank account you want to receive payments to. It is possible to set up a different bank account to make payments and a different bank account to receive payments.

2. Sensitive bank details protected:
One of the best advantages of UPI is that it adds another layer of security to regular fund transfers. There is no need to share your bank account details with a third party to receive funds. The funds can be received through the UPI ID.

3. Low cost:
UPI transfers are free of cost at the moment. Using the UPI apps is free of charge and making fund transfers is also free of charge. However, in the future, banks may introduce a charge on these transfers.

4. 24x7 transfers:
The UPI payment system operates on the IMPS system. This means any fund transfers to be done with UPI can happen 24x7. They are not restricted to banking hours only. This makes it dependable for instant fund transfers.

5. Instant payments:
Fund transfers under UPI are immediate. The money is immediately debited from the bank account and is immediately credited to the payee’s bank account. This is why it is important to double check the recipient’s details and UPI ID before making the payment.


Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about UPI payment. Through her work, she gives 5 reasons to shift to UPI

Total Views: 338Word Count: 486See All articles From Author

Add Comment

Investing / Finance Articles

1. Innovative Accounting Solutions For Modern Businesses
Author: Business Tax & Money House

2. Can Someone With Bad Credit Still Get A Short Term Loan Online?
Author: Jockey Ferguson is a financial adviser of Fast Pay

3. How To Manage Cash Flow For Online Retailers
Author: Thomas Edward

4. A Detailed Guide Set Up A Company In Ireland
Author: LSC and Partners - Corporate Tax Consultancy LSC

5. Rupay Credit Cards: Your Ticket To Exclusive Rewards And Benefits
Author: Priya

6. Top Upcoming Telegram Airdrops You Don’t Want To Miss!
Author: Cryptoreach

7. The Art Of Diversification - Building A Robust Portfolio For Long-term Stock Market Performance
Author: Broker Analysis

8. 10 Effective Strategies To Boost Real Estate Lead Generation In 2024
Author: Horizon Consultants

9. How To Choose The Best Financial Advisors In Indianapolis For Your Future
Author: Kurt Supe

10. What Are The Requirements For Applying For A Personal Loan?
Author: divya negi

11. Investment Banking Companies In Hyderabad: Your Guide To Financial Excellence
Author: Verity knowladge solutions

12. No Credit Check Payday Loans
Author: Daniel

13. A Complete Guide On All Cfo Services
Author: Vibhay Ranjan

14. Navigating Success: The Role Of Venture Capital Deal Flow Management Software
Author: Fundwave

15. Streamlining Investment Strategies: The Rise Of Fund Management Software
Author: Fundwave

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: