The government has launched numerous initiatives in a bid to make India a cashless economy. One such significant step was the introduction of the Unified Payment Interface (UPI). In this digital age, it is the need of the hour. With the help of a free UPI payment gateway, one can easily send or receive money on a real-time basis. Ever since its inception, the users seek an answer to their numerous doubts related to UPI. Here are a few answers top unanswered question about UPI payments-
What is a VPA or UPI ID?
A Virtual Payment Address (VPA) is a unique ID created by the registered users to facilitate UPI transactions. The VPA or UPI ID enables users to send or receive the requisite money without providing additional bank account details. It is unique to each UPI registered user and is linked with the user’s bank account and mobile number. The free UPI payment gateway real-time transfer using a unique UPI ID. Some benefits of having a UPI ID are-
- The individual doesn’t need to share sensitive account details with anyone
- It is simpler and easy to remember than the lengthy bank account number
- UPI ID can be changed as per the user’s needs and thus enhancing the security protocol
How payments are made to an online merchant using UPI?
Whenever you make a purchase, during check-out, you will find the UPI option among other payment alternatives. Select the option and enter your valid VPA or UPI ID. After that, you will be redirected to your BHIM app or PSP (Payment Service Provider) app. Now, enter your UPI PIN to accomplish the intended payment. The free UPI payment gateway ensures utmost security with convenience while making online payments.
Is it necessary for the recipient to have a bank account to make UPI transfer? Does it work with a digital wallet app?
Yes, the intended recipient must have a bank account to facilitate the transfer of funds via UPI. One cannot add a digital wallet to UPI.
Can I link multiple bank accounts to the same virtual payment address?
Yes, you can add several bank accounts to the same virtual payment address. It depends on the functionalities of your PSPs app.
What is the time of the UPI transaction?
UPI is an advanced version of the IMPS (Immediate Payment Service) which allows transferring the money 24 hours a day, 7 days a week, and all through the year. It also allows the transfer service during public and bank holidays.
What are the limits on UPI bank transfers?
The limit on money transfer via free UPI payment gateway is being followed-
Daily transfer limit- ₹1,00,000
Hourly transfer limit- ₹20,000
Number of transactions per hour- 5
Number of transactions in a single day -20
However, the limit also depends on bank-to-bank.
What if one forgets his/her UPI pin?
Unfortunately, if anyone forgets the UPI pin, he/she is required to re-generate a new UPI pin using a similar process as earlier. This is done by entering the debit card details (the last 6 digits of the debit card and the expiry date).
What if my money has been debited but I have not received any confirmation notification?
UPI works on a real-time basis. It may take some time for a confirmation message. However, in case your funds have been deducted, the amount will be soon reversed into your account. Otherwise, you can immediately contact the customer assistance of your bank for the same.
Is it possible to transfer funds to the NRI account using UPI?
No, it is not possible to transfer funds to the NRI account using UPI. UPI is specifically designed to facilitate payments within the Indian bank accounts that are registered or part of UPI.
Can anyone access my sensitive bank details if they get to know about my VPA or UPI ID?
No, it is impossible to access the user’s details using UPI ID. The UPI ID is a unique identifier that helps to track the user’s account. It has removed the need to share personal bank account details with others.
UPI is a great initiative that helps in accomplishing the objective of digital India. It has huge potential to change the course of payment mechanisms assisting both merchants and customers. The government has launched several programs to provide the required information about the UPI payment gateway to the citizens. Within a few years of its inception, it has transformed the payment process and made it simple, prompt, and highly secured.