- Digital Payments
In order to fast pace digital transactions, Unified Payments Interface (UPI), a payment system, has been launched by National Payments Corporation of India.
An MPIN (Mobile banking Personal Identification number) is required to confirm each payment.
Some unique features of UPI transactions are as follows:
- Money transfer happends immediatly.
- Different bank accounts can be accessed.
Another mode of Payment - USSD service. UPI is also being provided as a USSD service. By dialing the code *99# users could access the service. Various services that are provided, categorized as follows,
- Financial Services
- Fund Transfer
- Send Money
- Request Money and more
A Service charges of ₹0.50 / session charged to the user.
Lets check out how Digital Wallets is different from UPI ? Mobile wallets are apps where we keep our money. You take money from your bank accounts and keep money by using bank cards or net banking. However, UPI is more like the immediate payment system(IMPS) in the sense that you just use it to transfer money from one account to another. So, there is no need for the third party wallets or apps.
Source : News Channels, Print media, Online articlesDisclaimer : The views and opinions expressed in this article are those of the authors and do not reflect the official policy or position of any agency/government. All images are for reference purpose only. Our motto is to spread awareness among fellow country men.