UPI - UNIFIED PAYMENT INTERFACE - A SINGLE PLATFORM FOR MULTIPLE BANKS


UPI is a single payment interface offered by NPCI(National Payment Corporation of India) across all the banks those are providing UPI services. It works on IMPS platform so is available 24*7.

Important Features of UPI 

  • Facility will be available 24*7
  • Will use virtual identifier to send or receive payment
  • virtual identifier will be in the form of mail address like test@andb, test@cnrb etc.
  • Will allow customers to transfer money across banks person to person and for bill payment and purchase
  • Multiple Accounts can be operated using single App


 Participating Bank in UPI First Phase

  1. Andhra Bank
  2. Axis Bank
  3. Bank of Maharashtra
  4. Bhartiya Mahila Bank
  5. Canara Bank
  6. Catholic Syrian Bank
  7. DCB Bank
  8. Federal Bank
  9. ICICI Bank
  10. Oriental Bank of Commerce
  11. Karnataka Bank
  12. UCO Bank
  13. Union Bank of India
  14. United Bank of India
  15. Punjab National Bank
  16. South Indian Bank
  17. Vijaya Bank
  18. Yes Bank
  19. TJSB Sahakari Bank


Transactions That Can Happen Using UPI

  • Person to Person Fund Transfer
  • Utility Bills Payment
  • Online Payment at Shopping Websites or railway and Movie tickets
  • Bar-code/QR-Code Scan and Pay


Minimum and Maximum Limit of Transaction Amount using UPI

UPI is built on the immediate payment service (IMPS) platform and, hence, fund transfer will be possible 24X7. The upper limit of a transaction through the UPI system is Rs.1 lakh. There is no minimum limit, one can transfer even .050 paise. NPCI will earn 25 paise per transaction and the payment service provider will earn 50 paise per transaction.There is no limit on even the number of transactions too.

How To Use UPI

Step 1. Download the app
Step 2. Install App on Smart Phone/Tablet
Step 3. Set App Login
Step 4. Set M-PIN
Step 5. Add you Bank Account
Step 6. Create Virtual Address and link any account of any bank that has partnered with NPCI for                    UPI service

In This payment system there is no need to disclose any sensitive information like Bank Account Number or IFSC code.

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