UPI is basically built over IMPS infrastructure and allows you to instantly transfer money between two parties. You can easily and can do immediate money transfer any time and throughout the year.UPI is available on android and ios platform. Payment can be done through mobile device only.
Unified Payments Interface (UPI) -We can also say that UPI is system which gives the power to multiple bank accounts for a single mode of application and the participating bank has several features like seamless fund routing merchant payments and other banking features. It also tales one on one request which is scheduled and paid according to ones requirement and convenience. We can do immediate money transfer through mobile device
Things you should consider before doing UPI payment
1. UPI fund transfer is basically cannot be linked to any kind of wallet or card. What we can do we can add different bank accounts for that purpose.
2. There are different channels by which we can transfer funds
a) Send / collect through virtual ID
b) Account Number +IFSC
c) Aadhaar Number
Some popular apps who are offering UPI in India
3. BHIM app
5. Google Tez
7 Paytm Payments Bank
8. SBI Pay
9. Axis Pay
Benefits of UPI to IMPS
UPI is providing additional benefits to IMPS in following ways
1. it provides for P2P functionality.
2.it simplifies the merchant payments
3. it is single app for money transfer
4. it has single click two factor authentification
5. The upper limit of fund transfer through UPI is RS 1 lakh .