The full form of UPI is Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
UPI (Unified Payment Interface) lets you pay for goods and services from wherever you are whenever you need them. All you need is a smartphone. Here, your phone acts as your debit card. The full form of UPI is widely asked, As discussed full form of UPI now we will update you on the brief history of the UPI payment option.
What is UPI
UPI is an advanced version of IMPS (Immediate Payment Service) from NPCI which can also be recognized as your financial virtual address. Just like your bank accounts, this UPI ID remains unique to every single individual and helps you transfer and receive funds with ease and speed. The best part about this is that you can transfer funds any time of the day, any day of the week as it is not dependent on bank holidays or specific work hours like bank transfer (BT) facilities such as NEFT, RTGS, etc. It combines all your banking facilities and features into a single package. All you require for a successful transaction are a PIN and the UPI ID.
How does UPI Payment Gateway work
With UPI, transferring money to someone is easy. You don’t have to remember the recipient’s account number or any such information also. You need only their Aadhar number or phone number registered with a bank account. You may set up a UPI ID with any application that supports it. Generally, a UPI ID starts with a mobile number and ends with the app being used for it. For instance, if you use Paytm, your UPI ID will look something like “95xxxxxx@paytm. To be able to avail of this facility, you will need the following-mentioned assets. After knowing the full form of UPI we will discuss the process ho completing the UPI payment process.
An active bank account
Net banking facilities activated with the bank account
An active cell phone number that is linked to your bank account
A good internet connection and/or data plan.
Once the above assets are achieved, the next thing on the agenda is to set up your UPI ID. For that, you will need to follow the below-mentioned steps:
Choose an app that works fine on your phone.
Give your bank account information.
Type in the OTP the app sends to your device. This is a step to ensure that you are not a robot.
Enter a PIN to secure your ID.
Choose any contact from your list.
Send or receive money from that contact.
UPI essentially transfers money from the sender’s account to the receiver’s account without disclosing any bank details for either party. This is a safe mode of making transactions and one can do so at any time of the day. The full Form of UPI is discussed here.
UPI typically works in three ways
By scanning the QR code which is displayed on your screen
Adding the receiver’s account number and IFSC code
By entering the UPI ID of the sender or receiver respectively.
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