What is UPI?
Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties’ bank accounts.
Who is behind UPI?
UPI is an intiative of NPCI, setup with the support of RBI and IBA. UPI is the advanced version of IMPS.
What is an UPI-PIN?
UPI-PIN (UPI Personal Identification Number) is a 4-6 digit pass code you create/set during first time registration with this App. You have to enter this UPI-PIN to authorize all bank transactions. If you have already set up an UPI-PIN with other UPI Apps you can use the same on BHIM.
Do money transfers happen on UPI only during banking hours?
All payments are instant and 24/7, regardless of your bank’s working hours.
How is UPI different from IMPS?
UPI is providing additional benefits to IMPS in the following ways:
- Provides for a P2P Pull functionality
- Simplifies Merchant Payments
- Single APP for money transfer
- Single click two factor authentication
What are the different channels for transferring funds using UPI?
The different channels for transferring funds using UPI are:
a.Send/Collect through Virtual ID
b.Account Number + IFSC
What is the limit of fund transfer using UPI?
At present, the upper limit per UPI transaction is Rs.1 Lakh.
Who can use UPI?
Anyone with a mobile phone and a bank account will be able to take benefit of UPI for either receiving or transferring money
Is virtual address unique to the user?
Virtual addresses offered by the provider need not be permanent. For example, a provider may offer “one time use” addresses or “amount/time limited” addresses to customers.