With the help of reforms and many digital initiatives, India is making a move towards a cashless economy. In times where almost everything gets done at the convenience of ‘one click’, paying for your expenses from the comfort of your home has now become a new normal. The UPI is one such technological development that has most greatly facilitated online transactions. The Unified Payments Interface (UPI) is a reliable payment option that helps you to send money conveniently from smartphones, regardless of the time or location.
The entire process of making UPI payments is significantly hassle-free and less time-consuming. There are various payment apps that you can use to make such payments. This article will go into more depth about UPI transactions and how to pay through UPI.
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What is UPI?
The National Payments Corporation of India (NPCI) created the UPI payment system in 2016. This system empowers you to transfer funds between bank accounts without the need to disclose your personal information or account numbers. You can make payments using UPI transactions by simply entering a unique ID, complete simple transactions by entering the UPI PIM, and even check the progress of a transaction. One of UPI’s most popular use cases is for mobile recharge, commonly known as UPI recharge.
Apart from UPI recharge, it is used for various transactions, such as peer-to-peer payments, bill payments, and online shopping. Its versatility, convenience, and security have made UPI one of India’s most popular payment systems.
Most Indian banks currently accept this form of payment and offer their own UPI app versions. Do you wonder why there is so much hype about UPI transactions? Here are some of the advantages for you to explore:
- UPI makes it possible to transfer money instantly across bank accounts
- Available 24/7, it allows you to carry out transactions anytime, anywhere
- UPI uses two-factor authentication, which makes it a secure payment option
- UPI transactions are free of cost, making the method cost-effective
How Does UPI Work?
Here is a step-by-step guide for how to pay through UPI:
- Download a UPI-enabled mobile application
The first step to using UPI is downloading the reliable UPI app from the App Store or Google Play Store.
- Register on the application
Registration involves providing your mobile phone number and linking your bank account with the application. You also need to create a UPI PIN to authenticate your transactions.
- Add beneficiary
After registering on the application, to add a beneficiary, you need to provide their name, bank account number, and IFSC code to verify the details.
- Initiate the transaction
To initiate a UPI transaction, you need to select the beneficiary from your list of beneficiaries, enter the amount you want to transfer, and click on the send button.
- Receive confirmation
Upon entering the UPI PIN, the transaction will be initiated, and a confirmation message will be sent to your mobile phone.
Bajaj Finserv: A Go-to App for UPI Transactions?
Bajaj Pay UPI is a mobile application developed by Bajaj Finserv, one of the leading financial services companies in India. It offers a high level of security for transactions, which are protected with end-to-end encryption. The implemented security measures create a near-impenetrable barrier, making it extremely challenging for any unauthorised entity to pilfer the data. You can pay bills, recharge your mobile phones, buy movie tickets, and even make donations to charities using the UPI payment system. By settling up the AutoPay feature on Bajaj Pay UPI, you can rest assured knowing that all your bills and recurring expenses will be paid on time.
In conclusion, Bajaj Pay UPI stands out as an outstanding option for individuals seeking a secure and dependable platform for UPI transactions. Download the Bajaj Finserv app now and make hassle-free payments 24/7 with ease.