UPI full form | what is the full form of UPI

UPI full form

Unified Payment Interface (UPI)

What Is a Unified Payment Interface (UPI)?

A Unified Payments Interface (UPI) is a single-window mobile payment system developed by the National Payments Corporation of India (NPCI).

This eliminates the need to enter bank details or other sensitive information each time customers initiate transactions. It helps them achieve hassle-free payments through an easy app interface on your phone for UPI-based money transfers between different accounts within seconds!

The idea behind UPI was conceived in 2011 when NPCI launched its Bharat Bill Payment System (BBPS) which allowed people to make utility bill payments using their smartphones and simplified the process by eliminating the requirement for account numbers and IFSC codes.

The user interface was designed with an aim to be easy enough for even semi-literate customers to use it. At this point, there were about 200 million

1. UPI is a payment system that enables money transfers between two bank accounts

2. It’s easy to use and allows users to pay for goods and services using their mobile phone

3. UPI has been developed by the National Payments Corporation of India (NPCI) as an alternative to cash transactions

4. The first version of UPI was released in August 2016, with upgrades happening regularly since then 

5. With more than 90 banks on board, it’s expected that UPI will be used by over 300 million people across 193 countries soon

6. One of the benefits is that your bank account details are never shared with merchants or other customers while making payments through this service

Different UPI Apps

There are a number of UPI apps available in the market, but the most popular ones are:

1. BHIM (Bharat Interface for Money) – This app was developed by the National Payments Corporation of India (NPCI) and is currently the most popular UPI app. It’s available on Android and iOS. It offers a single interface for all bank accounts and even allows you to create your own UPI ID.

2. PhonePe – This app is available on both Android and iOS. It was launched by the Flipkart group of companies, with some interesting features like 3D-Secure support for EMV chip cards, cashback on transactions below Rs. 50,000 through its payback rewards program etc.

3. SBI Pay – As the name suggests, this app comes from the State Bank of India (SBI). Currently, it’s only available on Android devices but will soon be launching on iOS as well. It has an exclusive feature called SMART PAY ZONE which can be used at more than 2 lakh outlets across India.

4. HDFC MobileBanking – Launched by the second largest bank in India, this app offers multiple features like UPI, IMPS, NEFT, and RTGS transactions for round-the-clock banking. With the added convenience of fingerprint login, this app does not require any internet connection!

5. iMobile By ICICI Bank – This is another app that has been developed by a top-notch bank in India. Offering over 20+ UPI services, it allows you to access all your accounts through one single mobile application – so no more logging in and out of multiple apps every time! It’s available on both Android & iOS platforms.

6. GOOGLE’S TEZ – Entered into the Indian payment system fray in September 2017, it is a UPI-based app that is available on both Android and iOS platforms. It offers some unique features like the ability to pay bills and make recharges without having to enter your card details or bank account number. You can also split bills with others and request money from others using their mobile number or email address.

As you can see, there are quite a few UPI apps out there – each one with its own set of features. So before choosing one, be sure to do your research and figure out which one best suits your needs!

Sending Money vs. Receiving Money

When it comes to UPI, there are two ways in which you can use it – by sending or receiving money.

1. Sending Money – This is the process of transferring money from your bank account to another person’s bank account. All you need is the recipient’s UPI ID or their mobile number and bank IFSC code.

2. Receiving Money – This is the process of accepting money from someone else into your bank account. All you need is their UPI ID or mobile number and bank IFSC code.

The UPI SoME program provides services to Sub-Majors and Minors.

This program enables small businesses to get easy access to UPI payments and helps in enhancing their business efficiency.

It offers features like merchant onboarding, a simplified integration process, no infrastructure or technical requirements, 24X7 support, etc.

This is a great opportunity for small businesses that are looking to expand their reach and increase their customer base!

So there you have it – a brief overview of what UPI is and some of the different features offered by different UPI apps. Be sure to check out these apps and see which one works best for you!

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Conclusion:

With the UPI, you don’t need a physical card to pay money. You can register for the UPI from any bank app on your mobile and use the UPI to transfer money to anyone, anywhere in India. Many of our customers were pleasantly surprised when they realized the ease of using the UPI to pay for our services!