The Concept of UPI (Unified Payments Interface)

 

UPI-United-Payments-Interface
What is UPI?

You too can join the smart people who have become ‘digital & cashless’. One of the simplest options is UPI. For the forthcoming festive season try buying gifts for your loved ones using the Unified Payments Interface Mobile App of your respective bank.

Unified Payments Interface (UPI) enables immediate money transfer through your mobile device, anytime, any day. Started in April of 2016, you can use it for banking services like fund transfers and merchant payments.

UPI was launched by National Payments Corporation of India (NPCI) and is built on the IMPS platform.

 

Key features of Unified Payments Interface include:

  •  Single mobile application for accessing different bank accounts.
  •  Single Click Authentication
  •  Schedule PUSH and PULL Payments for various purposes.
  •  Scalable donations, collections and disbursements.
  •  Raise complaints from the app directly.
  •  Utility bill payments, over the counter payments, barcode based payments.

 

How does UPI help?

As per RBI’s Vision 2018 document for “Cashless Transactions”, (Read it here), there is a need to reduce paper based instruments for transactions. Only a fraction of the 10 million plus retailers in India accept card payments. UPI consolidates and integrates multiple systems with varying service levels into one nation-wide platform for all retail payment systems. Unified Payments Interface is open sourced, cheap, secure, reliable and instantaneous. While prepaid wallets cannot do more than Rs. 10,000 worth of transactions without KYC norms, in a month; a UPI enabled bank account can transfer up to Rs.100,000 instantaneously.

 

How can you use UPI?

Of course using the App is one thing, having funds to purchase the product is another.

With demonetization currently leaving you cash starved, Loan Singh’s quick and easy loan application process helps you to get funds to easily pay for your products via EMI.

Loan Singh can be your Secret Santa this festive season by helping you get funds to purchase gifts for your loved ones, pay for confectionery hampers to distribute to your friends and family, spend on lovely new clothes and be ‘cash worry free’ this season.

Loan Singh helps you solve your financial needs. Call us on 18008435353 or drop an email to hello@loansingh.com

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