Payments via UPI

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UPI: In recent times UPI based transactions are more compared to RTGS,IMPS and NEFT type transactions. 

But what is UPI? 
A UPI(Unified Payment Interface) is an online based transaction comes under NPCI(National Payments Corporation of India) is a statutory body established by RBI(Reserve Bank of India) aimed for payments/transactions via online mode. 

Troubling to remember bank account no? 
Then here comes the easy way for online transactions i.e UPI here it comes the actual process. 

You've to send money for friend but you've Phonepe and your friend has GPay then the transaction may takes time if your payment is done via NEFT/RTGS/IMPS but when the same payment is done via UPI the transaction will completes within fraction of seconds that's the power of UPI. 
There is no need to remember the persons bank account number but needs to remember whether the person has registered his/her bank account number in any of the online payment app like Phonepe/GPay/Amazonpay.

If you're a Phonepe user then you can do the direct transactions to a GPay user like this.. 
Enter the person's registered bank mobile number and add @ybl or @paytm or @apl 
1.Phonepe:9876543210@ybl
Here 'ybl' is the UPI id registered with Phonepe in collaboration with 'YesBank'

2.Paytm:9876543210@paytm
3.AmazonPay:9876543210@apl
Here 'paytm' and 'apl' represents their UPI id's. 

Apart from these you can also customize UPI id's or even we can make our own id's. 

For Example:

If I've 2 bank accounts UnionBankofIndia(UBI)and PaytmPaymentsBankLimited(PPBL) registered in Phonepe. 
1.To settle down the incoming payments only to Union Bank then you need to make your UPI id as "10 digits mobile no ubi@ybl" Here UBI represents Union Bank of India registered in Phonepe i.e 'ybl' .

2.If you wants to settle down the incoming payments only to Paytm then you need to customize your UPI id like this "10 digits mobile no paytm@ybl".Here Paytm is registered in Phonepe that's why whenever we do transactions by entering the above mentioned UPI id's you can see the payment history in Phonepe that's the beauty of UPI. 

NEFT:National Electronic Fund Transfer
RTGS:Real Time Gross Settlement
IMPS:Immediate Payments Service

Hope I wish this article would helps you.
Thank You. 

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