HomeTechnologyUPI Full Form and List of UPI Enabled Banks With FAQs related to UPI

UPI Full Form and List of UPI Enabled Banks With FAQs related to UPI

Advertisements
Advertisements

Do you know what UPI and UPI Full-Form are? Over the past few days, we have been facing difficulties in money transactions because the Prime Minister of India, Shri Narendra Modi, today took a strong stand against corruption. The old closing notes of 500 and 1000 have.

Obviously, due to this decision, the bribes will eliminate the sweat, but the commoner is also facing many troubles. Given these problems, the Prime Minister has suggested that now all of us should promote a cashless economy.

A cashless economy means we now have to leave money transactions by hand. Online payment should be made.

Advertisements

Moving towards a cashless economy is not so easy, but every tricky thing becomes easy by trying. We all know the importance of the Internet, but there are many such places in our country where people do not have this facility until now.

And many people know about the Internet but do not know how to use it in a good way like older adults. So in such a situation, youth like us must teach them to use the Internet, which can significantly help their everyday lives.

Now the, if to make online payments by leaving the transaction of money, how do we do that? There are many mobile applications through which we can do online money transfers with help of mobile like Paytm, MobiKwik, Freecharge etc.

Advertisements

Many of you must have used one of these to do mobile banking. Apart from these apps, there is another easy way to do mobile banking. From anywhere at any time, 24 hours a day, whether it is a holiday or not, you can do money transactions comfortably, and its name is UPI.

Today we will learn about what is UPI and UPI Full-Form from this article.

What is UPI

The full name of UPI is Unified Payments Interface, this is a method with the help of which you can send money from your bank account anywhere, at any time, to your friend’s account or relatives’ performance, and if you have to pay someone Even if you want to do it, you will be able to pay with the help of UPI quickly.

Advertisements

You can make any payment with the help of this, like if you have bought some goods online, then you can pay with UPI, or if you have made some purchases by going to the market, you can still use UPI.

You can make all these payments through UPI: taxi fare, movie ticket money, airline ticket money, mobile recharge, and DTH recharge. And it will be swift, and immediately money will be transferred from your bank account to the front bank account in front of you.

NPCI has taken the initiative to start UPI. The full name of NPCI is National Payments Corporation of India; this organisation currently manages the ATMs of all the banks in India and the interbank transactions happening between them.

Advertisements

For example, if you have an Axis bank ATM card, you can withdraw your money by going to ICICI bank ATM. NPCI takes care of all the transactions happening between these banks.

In the same way, with the help of UPI, you can also send money from one of your bank accounts to the other bank account.

UPI Full Form

UPI Full Form is a Unified Payments Interface.

Advertisements

How to use UPI?

To use UPI, you must first install its apps on your Android phone. Many bank applications support UPI, such as Andhra Bank, Bank of Maharashtra, Axis bank, ICICI bank, etc.

You must go to the Google Play Store on your phone and find and install the UPI app of the bank where you have an account. After installing it, you must sign in and create your account by showing your bank details.

After that, you will get a Virtual ID, where you generate your ID; it can be your aadhar card number, phone number, or an address like an email id. After doing just that, your work is over there.

Advertisements

After creating an account in your UPI, you can easily send and take money.

How does UPI work?

UPI is based on IMPS, i.e. Immediate Payment Service system, which we use while using other net banking apps on mobile.

This service can be used every time, every day, even on holidays. And UPI also works on this system, but here the question arises: if UPI and all other types of net banking apps work on the same system, what is the difference between them?

Advertisements

UPI is different from all those apps; how? I want to tell you this by giving an example.

Suppose you need money for your friend or relative and you have to send money to them as soon as possible, then what did you do in earlier apps? You open those apps. Login, then you must add the person you want to send money to.

While adding, many details have to be entered, and for that, you should know all the banking details such as you should know the account number of that person, then his IFSC code, branch name etc. have to fill similar information, in which a lot of It takes time.

Advertisements

But all these things are not required in UPI; you must enter the UPI ID of the person I told you above, and you can easily send money by selecting how much money to send.

Neither the hassle of entering any bank details nor it takes much time, and there is no need to tell the person in front of which bank his account is in or with which name his account is registered. Without knowing all this, we can send money quickly and safely with the help of UPI.

There is also a limit on sending money in UPI, and that limit is Rs 1 lakh per transaction, and the fee for sending money is 50 paise per transaction; this is a minimal amount that means you will not have to spend much money to send money and You will also be able to take advantage of instant money transfer.

Advertisements

List of UPI Enabled Banks

  1. State Bank of India
  2. Mahindra Bank Box
  3. ICICI Bank
  4. HDFC
  5. Andhra Bank
  6. Axis Bank
  7. Bank of Maharashtra
  8. Canara Bank
  9. Catholic Syrian Bank
  10. DCB
  11. Federal Bank
  12. Karnataka Bank KBL
  13. Punjab National Bank
  14. South Indian Bank
  15. United Bank of India
  16. UCO Bank
  17. Union Bank of India
  18. Vijaya Bank
  19. OBC
  20. TJSB
  21. IDBI Bank
  22. RBL Bank
  23. Yes Bank
  24. IDFC
  25. Standard Chartered Bank
  26. Allahabad Bank
  27. HSBC
  28. Bank of Baroda
  29. IndusInd

FAQs related to UPI (Unified Payments Interface)

1. What is UPI?
UPI, also known as Unified Payments Interface, is a real-time fund transfer process created by NPCI. This system works based on the IMPS interface.

2. Which UPI app is the right one to download?
There are many UPI apps in the Google Play Store to choose any app according to his mind.

3. Is it necessary that the user should download the UPI app of his bank?
No. Users can download any UPI app. With this, you should know that it can be from your bank or any other bank; it will not make any difference.

Advertisements

4. What is UPI PIN?
This is a pin that is set during the registration process. It is used to authorise all UPI transactions.

5. If money is debited from a user’s bank account during a UPI transaction, what should he do?
At such times, money is often returned to the user’s account within 1 hour. And if it does not happen during this time, you must contact customer care.

6. Many times, money is deducted from the account, but still, the transaction is showing pending. So what should be done?
In such cases, often, the transactions have been processed. It shows pending status because there may be a server issue in the backend of the payee/beneficiary. You should contact customer care if this issue is not resolved within 48 hours.

Advertisements

7. Is it possible to link different bank accounts with the help of more than one UPI app on the same smartphone?
Sure. You must change the same or other bank account number from one or more UPI can links.

8. Which mobile platforms are available where UPI can be used?
We can use UPI on Android and iOS platforms.

9. What is the maximum amount you can transfer through UPI?
You can transfer up to a maximum of Rs.1 lakh per transaction.

Advertisements

10. If I ever have to register a complaint, how can I do it?
You can make this complaint in the UPI app itself; there is an option in the app.

11. If someone ever enters the wrong UPI PIN, what will result?
If a user enters the wrong PIN, that ongoing transaction will fail.

12. If the UPI app does not detect the bank name, what should be done in such a situation?
The first step should be to see that the user’s mobile number should be linked with the same bank account. If this does not happen, the app will never recognise your bank, and the linking process will never be completed.

Advertisements

13. Can payment be given to other merchants through UPI?
Yes absolutely. Payments to you through online mode can be given on e-commerce sites if the UPI option is available there then.

14. How can you pay in UPI online?
First, you must go to the merchant site, select the UPI option, enter the VPA, and then the UPI PIN.

15. Can a user transfer money during bank holidays?
The answer is it absolutely can.

Advertisements

16. What is UPI Full Form?
UPI Full Form is a Unified Payments Interface.

What did you learn today?

I hope you? Like this article, you must also understand what UPI is and how it works. Whatever money problems faced due to the note ban can be overcome with the help of the UPI.

If you have not used it yet, then definitely try it once. If you have any questions about this article, you can ask by commenting below; I will be pleased to help you.

Advertisements
Ashish Kumar Mishra
Ashish Kumar Mishrahttps://www.spotnews18.com/
Ashish Kumar Mishra is the Founder and CEO of Spot News 18. He created Spot News 18 on 30 June 2019. His intention in making these News Websites was only to provide correct and official news to his readers. Now, he is working on Spot News 18 to expand his website's reach to all parts of the world.

Related News

LATEST NEWS

Which Bowler Will Play For India In Place Of Jasprit Bumrah?

Indian fast bowler Jasprit Bumrah has been ruled out of the T20 series against South Africa. The Board of Control for Cricket in India...

Video: What Did Saif Ali Khan Say – ‘Can’t Name The Son Ram…’

Saif Ali Khan Ram Controversial Video: Bollywood actor Saif Ali Khan has often been criticised for naming children Ibrahim, Taimur and Jahangir. Now, a...

Bhojpuri Romance: This Is The Boldest Song Of Bhojpuri, Romance Done On Block Of Ice

Garmi Ka Dehiya Me: There are crores of people crazy about the singing and acting of Pawan Singh, the Pawar star of the Bhojpuri...

Gujarat Got The Gift Of The Train That Broke The Record Of Bullet Train, Know The Specialties

Vande Bharat Features: Prime Minister Modi is on a two-day visit to Gujarat. Today, on the second day of his tour, he gave a...

TMKOC: Dayaben Is Returning, Talks Continue With Disha Vakani!

Disha Vakani Return in TMKOC: Those watching the popular show 'Taarak Mehta Ka Ooltah Chashmah' can soon get good news. The makers can give...