Skip to main content

What is Unified Payment Interface?

Unified Payment Interface (UPI), which will help move India towards a cashless economy, is now live and will be available in next two to three working days with all 21 banks.

 What is Unified Payment Interface?
Unified Payment Interface  (UPI) is developed by National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in India.

How does it work?
This is how new UPI will work for you. A unique UPI ID is created by using your phone number that is linked to your bank account. This ID is just like an ordinary email ID.  To send money from any party, all the sender has to do is open the banking app installed in his or her phone, go to ‘Send money’ section, and facilitate transactions through UPI mode. In the recipient details, the sender needs to add id of the recipient The money gets transferred instantly to the bank account of the recipient once approved by the sender.

Unified Payments Interface


Features:
  • UPI will turn your smartphone into a payment bank. All you need is a smartphone and your banking app to send and receive funds instantly or to make a payment while any retail purchase.
  • Since it has been launched keeping cashless transaction, you no longer will have to wait for hourly batches of NEFT to send or get funds or seek Mobile Money Identifier (MMID) code for IMPS transactions anymore.
  • Shopping becomes less cumbersome even if you are not carrying or credit or debit cards. 
  • UPI-based money transactions are available 24/7 including holidays. 
Android UPI app:
The UPI app will be available on the Google Play Store in next two to three working days for the customers to download and start using for 19 banks.
Labels:

Comments

Post a Comment

Popular posts from this blog

Your Bill Amounts Are Going To Increase From June 1, 2016

Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act, 1994. Union Finance Minister, Arun Jaitley, in his budget announcements proposed to impose a cess, called the Krishi Kalyan Cess, @ 0.5% on all taxable services. The present rate of service tax will be hiked to 15 per cent from June 1, 2016, from 14.5 per cent. Take a look at what gets expensive:



Phone Bills: Your phone bills are going to go up. So, pay a good 15 per cent now on service tax on phone bills.

Restaurant Bills :If you are dining in a restaurant that already has service tax applicable, you are going to pay more on your eating out. Though 0.5 per cent on a single bill may not mean much, frequent diners may end-up paying a lot during the year.

Travelling: You will have to pay more for air travel, as there is a service tax on tour operators and travel agents.

…
2 comments
Read more

What is Gold ETF - Gold Bees, Reliance Gold,Kotak Gold

What is Gold Bees or Gold ETF?

Gold ETFs are open-ended mutual fund schemes that will invest the money collected from investors in standard gold bullion (0.995 purity). The investors' holding will be denoted in units, which will be listed on a stock exchange.They provide returns that would closely track the returns from physical gold in the spot market.

An investor can buy and redeem the units either directly from the mutual fund or from the stock exchange.Presently there are many Gold ETFs traded in NSE India. Some of the listed Gold ETFs are GoldBees,Reliance Gold,Kotak Gold,UTI Goldshare



Why choose Gold?
Gold holds its own in any investment evaluation on its strengths as a hedge against inflation, value in the event of political uncertainties and its traditionally negative co-relation with other asset classes such as stocks, fixed income securities and commodities.

The value of goods and services that gold can buy has remained stable unlike currencies that have seen significant…
54 comments
Read more

What is NIFTY BEES - ETF?

NIFTY BEES - is the first ETF (Exchange Traded Fund) in India, which seeks to provide investment returns that closely correspond to the total returns of securities as represented by the S&P CNX Nifty Index. It gives you the most diversified exposure at lowest possible unit size. Approximately value of Nifty bees will be 1/10th value of the prevailing Nifty price.

ETFs are one of the latest financial innovations and any new concept takes time to be known widely. Globally it took more then five to seven years before it could be of any significant size. In India, it was introduced with Rs 21 crore in size , a fraction of the mutual fund industry, it has come far with more than Rs 700 crore in size with six ETFs.




The Nifty BeES also scores over other index funds due to its low tracking error and expense ratio, apart from easier tradeability as it is listed in the NSE. One can also consider doing an SIP in Nifty BeES.

Some of the reasons to invest in Nifty Bees : Investing in Exchange …
45 comments
Read more