UPI stands for Unified Payments Interface. It's a digital payment system that lets you transfer money directly from your bank account to someone else's.
Key Points
- With UPI, you can send money without sharing your bank details
- You don't need a separate wallet or card to use it
- You can send money anytime, day or night, using a UPI app
- Money transfers happen immediately, so payments are received right away
How UPI Works
Think of UPI like a digital postman that carries money between bank accounts. When you want to send money, you just need the recipient's UPI ID (like username@bankname) or you can scan a QR code. The system connects to your bank, moves the money, and confirms the transaction - all in seconds.
Sender: You
Recipient: Friend@bankname
Amount: âš500
Status: Completed instantly
Transaction ID: UPI123456789Frequently Asked Questions
Is UPI safe to use?
Yes, UPI is quite safe. It uses two-factor authentication, meaning you need both your UPI PIN and your phone to complete transactions. Never share your UPI PIN with anyone.
Do I need internet for UPI?
Yes, you need an internet connection to use UPI apps. However, some banks now offer UPI through SMS or missed calls for basic transactions.
Is there any charge for using UPI?
For personal transactions, UPI is completely free. There are no charges for sending or receiving money between individuals.
