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UPI: The Gateway to a Cashless Indian Economy You can use this for your OTT subscriptions (like Netflix etc).

Making auto-payments: As an alternative to credit card auto-payments, the RBI introduced UPI-based auto-payments that use your standing instructions to debit a certain amount every month.

IPO subscriptions: When a company goes public, in the run-up to the IPO, you can subscribe to the IPO as a retail investor through UPI apps like Google Pay.

If you have someone’s phone number, that’s all you need to find them on a UPI app and send them money.

Sending money to a UPI-linked phone number: UPI IDs are hard to remember.

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If you have the account number, IFSC code and account holder name, money transfer is a 3-step process. Sending money to someone without a VPA (UPI ID): You can send money directly to someone’s bank account without adding them as a beneficiary (like in the pre-UPI days).

Checking your account balance: You can do this through PhonePe or GooglePe after you punch in your UPI PIN.Other benefits of using UPIĪpart from sending money to someone’s UPI ID (or VPA), there are other things you can use the UPI system for. However, here the transaction limit is capped at ₹200, unlike the regular ₹1 Lakh per day limit. UPI Lite addresses some of these drawbacks since it allows for transactions without an internet connection and UPI PIN. The platform allows transactions in the exact amount owed.ĭespite the numerous benefits the platform offers, you cannot use it without a smartphone and internet connection for transactions. If you’re always out of change, UPI is your saviour.Regular payments through UPI-based mobile apps can fetch you in-app vouchers and cashback offers.In case of payment issues, you can register complaints on your UPI app.As a merchant, you can make vendor payments and manage invoices smoothly.Paying utility bills and recharging your phone is super easy with UPI.You can use the UPI ecosystem round-the-clock, even on holidays, after bank working hours, literally any time.UPI IDs also safeguard you from data breach issues. So there’s no need to remember your bank account number, IFSC code etc. Payments happen through virtual addresses.Being RBI-regulated, it is entirely safe and secure.You can link multiple bank accounts to the platform and make seamless payments.From checking your transaction history to your account balance, UPI-based mobile apps allow you to do much more. The UPI platform is much more than just instant transfers.

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All of these platforms offer free payments - meaning that you will not incur any charges whatsoever to make payments. There are a number of UPI apps in India including PhonePe, Google Pay, and Fi Money. Availability of options varies by UPI app, but most have both options available. Transfers can also be made via QR code scanning or by entering the recipient's mobile number.

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To make UPI payments, you’ll need to download a UPI app, create a unique ID linked to your bank account and mobile number, and authenticate with a 4 or 6-digit PIN. Regulated by the RBI, UPI transactions happen through Virtual Payment Addresses (VPA) or UPI IDs. The UPI is a payment ecosystem created by the National Payment Corporation of India (NPCI) as a one-stop solution for all digital payments. In this article, we cover some benefits of using the UPI system, including for things other than making payments. This puts India and the Indian payment system on the world map in terms of technological advancements, given the sheer scale. As of January 2023, there were a total of 8 billion monthly transactions being made on the UPI system. The demonetisation of 2016 arguably had a major part to play in driving the adoption of digital payments in India. It’s a true game changer in the way payments are made in India. UPI stands for Unified Payments Interface.

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