A unique initiative in the banking sector: UPI

Ahmedabad. 9 November 2020, Monday

Just as we no longer have to go to a bank branch to withdraw money after having a huge network of ATMs of different banks, India has made the Unified Payments Interface (UPI) system accessible to both bank branches and ATMs.

Every bank now has a mobile app, but UPI is different in that it can be used by many other types of apps besides our bank. In addition to special online payment apps, WhatsApp, which is now used by 400 million people in the country every day, has also grown exponentially with the advent of UPI (albeit now limited to 20 million people).

There are many benefits to online transactions and India has taken the initiative in this direction, which even a tech company like Google or Apple could not do on its own.

What exactly is UPI?

The Unified Payments Interface (UPI) is a system developed by the National Payments Corporation of India.

With its help, it is possible to exchange money online and instantly between two bank accounts. Google's beautiful Pichai and now Facebook-WhatsApp's Mark Zuckerberg has admitted that there is no other country in the world that can match India's UPI. Other countries in the world are looking to India to launch UPI in their own country as well.

Don't be surprised if you don't need a credit / debit card from UPI in the long run. India has so far been dominated by foreign cards for this. To counter this, India has developed a masterstroke of UPI.

UPI is not a single app. It can be used with the help of various apps like official Bhim app, various bank app, Google Pay, PhonePay, Paytm, Hike and now WhatsApp.

Are UPI and mobile wallet different?

Yes, UPI exchanges money directly between two bank accounts, while the mobile wallet itself acts as a kind of bank account.

Mobile wallets became very popular in India after the ban on banknotes, but their use has declined since KYC became mandatory.

We have to add the amount to the mobile wallet and then the payment can be made from it in different places. In the wallet, both parties need to use the same wallet app, in UPI both parties can work even if there is an app.

We are confused because Paytm, PhonePay etc. now have wallets and also use UPI system. The use of UPI is increasing so much that even if the concept of mobile wallet is gone in a short time, it will not be a surprise. At present, any shop can see stickers with different QR codes, which is also being made uniform by the Reserve Bank.

How to use UPI?

With the help of any UPI app (now including WhatsApp) we can create our own e-mail like UPI ID and then connect the bank account with it.

The various apps that facilitate UPI are like a kind of ATM machine, which we can use from anywhere. UPI can also be used 24 hours a day and on holidays.

The bank account we connect to UPI has to generate a UPI PIN for the first time to operate it i.e. to know its balance or to send money from it. This PIN is related to our bank account, so if we use the UPI ID of the same bank account in different apps (there is no need for that, only one UPI app is enough) then for that account, UPI PIN fixed in another UPI app Can run.

Is UPI safe?

Yes and no. The whole system itself is safe and the tech experts of the world are accepting it, but it can be unsafe if we don't understand its intricacies. UPI related frauds are on the rise and that is why it is important to understand the nuances. UPI is safer than other methods because the two parties exchanging money in it do not need to know the bank, account number, IFSC code etc. of each other. If you have an account with any bank, you can use any UPI app. So from UPI ID, it is not even possible to know in which bank your account is.

However, the main reason for UPI related fraud is that a request for money can be sent to the UPI app and people give their PIN by understanding the link to get the money, so instead of getting the money, it goes away!


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