![]() What else should you know about UPI features? Faster Payment Than IMPS: The widespread popularity of UPI has taken over digital payment methods and funds can be transferred on other third-party apps with UPI features that include:Įtc. Connection of the smartphone with the bank account.Funds are instantly credited in real time after the user enters a Virtual Payment Address (VPA). This single window real-time payment system allows cardless cash withdrawal without the IFSC code or the account number. UPI links all bank accounts to the user's smartphone enabling easy transactions. How does UPI Works?Ī Unified Payments Interface (UPI) is created by the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) oversees its operation. The behavioural readiness, particularly with the RBI legitimising UPI transactions, has cut across generations to accept this transition through their smartphones. UPI cash withdrawals are making digital payments so much a part of everyday life that leather wallets are heading towards extinction. UPI transactions flourished during the COVID-19 pandemic and opened gateways into a cashless world. With the popularity of internet banking, banking apps were developed which eased cardless cash withdrawals and transfers. Indian banks switched to new technology in the early 1990s through internet banking and reinvented themselves. This move has allowed cardless cash withdrawal from smartphones giving users the freedom to pay and transact without having to deal with cash at all. In April 2022, the Reserve Bank of India (RBI) announced cardless cash withdrawals at ATMs bringing the country under a Unified Payment Interface (UPI). Why is UPI Payment Favoured for Its Convenience? ![]() ![]() What else should you know about UPI features? Cardless cash withdrawal at ATMs – Latest Update ![]()
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