Guys !! are you tired with your money transaction method?? Now no worry, NO MORE PAYMENT DELAY. UPI has born and came to kill those troublesome methods. Of course thanks a lot to UPI parents that is none other than our RBI governor Raghuramrajan and national payment corporations of India. Breathe out for this new technology and feel exhilarated.
What is UPI??
UPI (UNIFIED PAYMENTS INTERFACE) system is nothing but everything in matter of Money. It simplifies all other existing transaction methods. You no more need account name, IFS code, pin number ,cvv (card verification value) number, bank name, branch, tree, stem, blah…blah 😛 just throw the old model. All you need is just a smart phone with minimum net data to avail UPI technology. To activate your UPI service just catch a bus or train go to your play store and download it. Travelling time depends upon the vehicle!! 😀
How does UPI work?
Surely it works more than anything else! UPI works more than any online transaction methods.
UPI integrates with your banks application. Once you download UPI and register, a unique virtual address will be created and it will also be synchronized with your mobile phone automatically. This unique ID matters every thing.
Let’s put it simple:
Step1: Download UPI
Step 2: Transfer the payment
Step3: Money received to the recipient and eventually step 3 is not needed. So follow step 1 and 2. UPI takes care the rest of the steps.
You can transfer from 50 Rs up to 1 Lacs. Isn’t it sound fantastic??
Now everyone knows UPI benefits a lot. But in which way?
Here comes the benefits, it makes payments easier and quicker than rocket. E-commerce will be more accessible for payments through this system. Are you an online shopping freak? If yes then UPI helps you a lot once it’ll be adapted by flipkart, amazon, snapdeal and other online platform for scraping out the old grumpy technique i.e cash on delivery. Paying utility bills, bar code payments, and even in nearest future buying shares and stocks will be very easy with UPI.
Impacts to whom?
Implementation of UPI is going to only affect tax evasion so worry only those who have reasons to transact only in cash. It also buries the generation of black money by cashless transaction and increases the revenue for the government by tax compliances.
After GST this is another milestone in terms of transacting and taxation we’re gifted with. Thanks to governor Mr. Raghuramrajan for UPI implementation which provide highly secured hassle-free digital payments.