UPI

UPI

UPI-Unified Payments Interface –
UPI (Unified Payments Interface) is a unique payment system through which you can link your bank account to a mobile application like Google Pay, Phone Pay, Bhim App etc.  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.
Key Aspects of IMPS Mobile Banking

• Instant Transfer: Funds are credited to the beneficiary account in real-time.
• Availability: Operates 24x7x365, including weekends and bank holidays.
• Transfer Methods:

1. Mobile Number – Most common method, with using mobile number of beneficiary transfer money. Suitable for only UPI registered user.
2. QR scan- Most common method, Scan and pay merchant payment or transfer money. Suitable for only UPI registered user.
3. Account Number + IFSC: with this method transfer money with using UPI app, suitable for any bank transfer.
4. Transaction Limits & Charges: While Bank allows up to ₹1 lakh per transaction, individual banks may set their own daily limits.
5. Security: Requires registration for mobile banking and uses MPIN/TPIN/OTP for authentication.