Q1. What is UPI?
Unified Payments Interface (UPI) is a payment system that can be used on a smartphone. This simple tool lets you add multiple bank accounts to a single app and transfer money easily through your smartphone. With this, you can make bank-to-bank transfers in real-time. The UPI PIN is all you need to transfer money anytime and anywhere.
Q2. How do I make a UPI payment?
You can make UPI payments from your smartphone by entering the UPI PIN. You do not need the recipient’s bank account number; you can transfer money directly to their mobile phone, provided it is linked to a UPI ID.
Q3. What is required for UPI payment?
You need a smartphone, an active internet connection, a bank account linked to your UPI app and a mobile number registered with your bank to make a UPI payment. You also need the UPI ID, mobile number or bank account number of the person you are transferring the funds to.
Q4. Who regulates UPI payments in India?
In India, UPI has been developed by the National Payments Corporation of India (NPCI) and is currently being regulated by the Reserve Bank of India (RBI). It is a payment system that allows you to make 24x7 money transfers from your smartphone.
Q5. How do I activate my UPI?
You can activate your UPI by downloading the UPI app on your smartphone. You will be asked to register on the app with your mobile number. A one-time password will be sent from your phone. This will be used to verify your account. You can then proceed to create a UPI PIN for yourself.
Your UPI will then be ready to use!
Q6. Is UPI payment safe?
UPI payments are entirely safe. The money is transferred from one bank account to another in real-time. You can also directly carry out money transfers to another mobile number linked to a UPI ID.
Q7. What is UPI PIN?
UPI PIN is a unique number you set post adding your bank account during UPI App registration. UPI PIN is required to make any payment to a person or merchant through UPI. If you enter the incorrect UPI PIN, the transaction fail with the reason ‘Incorrect UPI PIN’.
Q8. How to check Balance if my UPI transaction is getting failed with Insufficient balance.
If you try to make UPI transaction for an amount which is more than available balance in your account then your UPI transaction will fail with the reason ‘Insufficient Balance’. You can always check available balance in your respective UPI linked account from any UPI APP before making any payments to avoid the transaction failure due to insufficient funds.
Q9. Why am I not receiving funds in my account which has been transferred by another person through UPI?
A person is allowed to receive the P2P fund transfer credit in his or her account maximum up to 100 transactions or INR 5,00,000/- cumulative credit per day.