UPI Full Form, Details about UPI?

The full form of UPI is Unified Payment Interface.

Hello friends! Do you want to know what is UPI? And what is its full form?

We already told above, that the UPI full form is Unified Payment Interface. But below, we will give you information about its features and how you will register with it.

What is UPI(Bhim UPI)?

People in India still do not know much about UPI. It was launched by NPCI(National Payments Corporation of India) in 2016 and both NPCI and UPI operate under RBI(Reserve Bank of India).

You must have heard about the digital wallet!

But the only difference between a digital wallet and UPI is that in UPI, money is directly transferred from one bank account to another bank account.

According to me, it is better than all-digital payment systems, whether you talk about online banking and net banking, whether you talk about credit cards and debit cards or whether you talk about digital wallets.

Top Features of UPI Money Transfer.

UPI has many features but here we are giving information about the most popular features. But let us tell you that everything has some advantages and some disadvantages, we will also talk about it below.

Instant money transfer.
Fund transfer or bill payment is completely free.
You can transfer money instantly even on bank holidays.
You can use UPI in any bank account of India.
You do not need to enter bank details or of debit card information while making the transaction.
You can perform the transaction using VPA (Virtual Payment Address) or UPI id.
You can also use offline.
Multiple Payment Mode. You can also transfer money using someone’s mobile number, Aadhaar number, UPI id, and QR code.
You can also pay bills from this, such as electricity bill, water bill, phone bill, etc.
Payment also on an eCommerce website for shopping.

Pros of UPI.

  • It is very easy to use.
  • Transfer any time 24*7.
  • No Loss of Interest.
  • Money is transferred within a few seconds.
  • 24*7 customer support.
  • The pending payment is refunded within 3 working days.

Cons of UPI.

  • If you are transferring a large amount and If pending, you will have to wait.
  • After accidentally sending money to someone’s account, they will not get it back.

Transaction Limits.

If the question is coming in your mind, can we transfer as much money as we want through UPI?

So here we are going to answer your question and give full information that how you can do the transaction even after the limit is over.

If we talk about Bhim UPI, then in this you can transfer only 40000 money in one day and only 20000 at a time. And let us tell you that this is an app published by the Government of India.

But in private UPI apps such as Google Pay, PhonePay, Paytm, etc. you can transfer 10 times a day and at most, you can transfer only one lakh rupees.

If the UPI Transaction Limit expires at any time from your bank, then you add your UPI app to your other bank and you can do the transaction again.

Top Best UPI app in India 2020.

When UPI started in 2016, at that time, BHIM was the only Android application in which people were doing UPI transactions. But now a lot of private companies are launching new apps in India for online transactions.

But we recommend that instead of using all types of applications, you should use some good companies’ mobile applications and stay safe. As the digitalization of transactions is increasing, online fraud is also increasing. So be careful!

Below we are providing a list of some good UPI apps, which I am also using. And you can also use it.

1.Google Pay.

2.PhonePe.

3.Paytm.

4.MobiKwik.

5.Freecharge.

6.MI Pay.

7.PayZapp.

8.Bhim SBI.

9.Amazon Pay.

FAQs on UPI.

When was UPI launched?

UPI was launched by NPCI in 11th April 2016.

What is a UPI number?

The UPI number is a 4 or 6 digit PIN, when you created a UPI account, you had chosen this PIN. It is also called UPI Secret Pin.

Is Bhim a government app?

Yes, BHIM is a government app. And this belongs to the Government of India.

Is Bhim UPI safe?

Yes, BHIM UPI is absolutely safe. You can use it without any fear.

Read Also: Google Pay or Tez customer care Toll-free Number.

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