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 Virtual Payment Address (VPA), 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 enter your name, bank account details and the mobile number registered with your bank. A one-time password will be sent to your phone. You can use this 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. There are no third parties involved. You can also directly carry out money transfers to another mobile number linked to a UPI ID.