How do you usually transfer money from one account to the other? I’m pretty sure that your answer will be one of Mobile wallets, NEFT or quick transfer etc. And if at all you have observed, you need to pay a transaction fee based on the amount you transfer from 2.5-25 rupees plus service tax. For quick transfer it is even more. During demonetisation in India, digital transactions got increased. And as a promotional offer, Paytm didn’t charge any extra fee for transferring money to your bank accounts from Paytm wallet. But then, after the offer ended, it is now charging 2% transaction charge for every bank transfer. Also, you cannot even trust mobile wallets for transactions involving banks ass safety is the main concern all the time.
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This is where UPI which means Unified payments interface comes into the picture. It is launched by National Payments Corporation of India which simplifies direct and instant fund transfer between two bank accounts. The best part of UPI is it doesn’t charge nay extra amount for the transactions. It works based on the concept of IMPS that is I Immediate payment service. It uses a virtual payment address for transferring the amount. In UPI transaction is done between bank to bank without any involvement of intermediate wallets which makes it more secure.
There are many mobile applications offering UPI transactions like BHIM, PhonePe, Chillr and so on. BHIM is the official app announced by the Indian government. All you need to have is your bank account connected with your mobile number. Download any one of the mobile applications mentioned ad register through your mobile number that is linked with your bank accounts. Once you verify your mobile number via OTP, you will get an option to select your bank. And once you do that, all your bank details will be displayed. You have to set your UPI pin after verifying your debit card by giving its last six digits and the expiry date. The UPI pin which is a 6 digit number is necessary for any UPI transactions that you make. A virtual payment address is automatically created by the app. You may either use a single virtual payment address for all your bank accounts or you may change it depending on your interest. In case you have multiple bank accounts linked with your mobile number, you will have an option to choose a primary bank account that is the bank account from which all the transactions are done.
Thus, through this initiative, you can easily send money from one of your bank accounts to the other. Also, you can transfer money to other’s bank account just by using their mobile number which is linked to their bank account. So, isn’t this a money saving internet trick? Hope this helps you making zero service charged transactions quickly. As this is even safer, this needs to be adapted by everyone as soon as possible.
