How to use UPI and what are its benefits: EXPLAINED
Since India is witnessing a rise in digital payments, it will be helpful for the users who are new to digital payment system to understand about UPI transactions and its on-boarding process. National Payments Corporation of India (NPCI) along with RBI and governments have been urging users to use digital payments amid Covid-19 outbreak. UPI (Unified Payments Interface) is a unique payment system through which you can link your bank account to a mobile application and make transactions safely. From transferring money to friends to paying merchants, from online shopping to paying utility bills, UPI makes transferring money easy, safe, and instant. Candidates can also get the details from www.UPIChalega.com.
Here are the benefit of UPI payments:
How to use UPI
To use UPI, you must have a bank account with and the bank has to enabled for UPI Payments. The list of member banks are mentioned here
https://www.upichalega.com/member-banks.php (Photo: Pixabay)
Once you have checked whether you bank supports UPI payments, you need to download the UPI supporting app like BHIM on your smart phone. Your mobile number must be registered with your bank account for purpose of verification. The list of UPI Apps are mentioned here
https://www.upichalega.com/upi-app.php (Photo: Pixabay)
How to set up UPI using the BHIM App:
Step 1: Download and install BHIM app from Google Play Store or Apple App Store.
Step 2: Select your preferred language.
Step 3: Select the SIM which has your mobile number registered with your bank account. (Photo: Pixabay)
Step 4: Set-up a four-digit login password. You need to enter this four-digit password to access the App.
Step 5: Select and link your bank account. Set your UPI PIN by providing last six digits and expiry date of your debit card. (Photo: Pixabay)
How to make payment:
Your account is now registered and you can send or request for money to be transferred to your account. Remember, you cannot link your mobile wallet to UPI, only a bank account can be linked to UPI. You can link more than one bank account to UPI. (Photo: Pixabay)
Upper limit:
At present, the upper limit per UPI transaction is Rs.1 Lakh per account per day. This amount varies from Bank to Bank hence please check on the same with your respective bank. (For IPO application the limit has been increased to Rs. 2 Lakh per transaction using UPI). (Photo: Pixabay)