Bahut saalo se, the world has been slowly and gradually moving towards paperless transactions. This means, pehle, all transactions used to happen in cash, then, people used credit and debit cards. Many started to spend recklessly on cards and became victims of over-expenditure. With the introduction of UPI payments, now, pehle wala system is back - jitna paisa hai, utna hi kharcha karo.
What are UPI payments?
UPI (Unified Payment Interface) ka matlab hai - it is a free, mobile payment app that allows you to transfer money from your bank to the recipient’s bank account. Kaise? Let’s say you have taken a rickshaw ride from point A to point B. Uss rickshaw waale ko aapne puchaa, “Aapke pass online paymemt ka system hai?” If he says, ‘Yes’, when your ride is over, you transfer the amount from your UPI app to his bank account.
How Does UPI Work
- You need to download any one of the top UPI apps available in India (the list is mentioned below).
- Once you download the mobile payment app of your choice, it will ask you to attach your bank account details to that app.
- You will get an ID called the UPI ID. This is a unique identification for a bank account. Iss liye, aapka UPI ID will belong ONLY to you. This identification number is used to send money to other banks from your account and receive money from other banks to your bank account.
- In many apps, you don’t need to use your UPI ID. Aapko sirf phone number type karna hai, type the amount, and send it to that person’s account.
- If the person is in your contact list, toh aap contacts mein se usko select karke, you can transfer money.
Benefits:
- They’re safe, free, fast and easy.
- Transfer to anyone who has a UPI app.
- You can use it chowbees ghante.
- In case of fraud, immediately file a complaint using the payment app.
The best advantage of the UPI mode of payment is that you will spend only how much you have. When you make a UPI payment, aapke bank account se woh paise receiver ke bank account mein deposit ho jaata hai. This means you can only spend utne paisa jitna aapke account mein hai. Jaise pehle hua karta tha. If you don’t have money in your account, you cannot make any UPI payments. Iss liye, this is a good method to keep your expenditures in check. This ends all unnecessary expenses. Money saved is money earned, toh aap jitna kam spend karenge, utna hi aapka savings bhi hoga.
