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UPI-Unified Payments Interface

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The Importance of UPI-Unified Payments Interface in the Era of Digital Money and Online Transactions

In today’s digital age, the use of digital money and online transactions has become increasingly prevalent. With the rise of e-commerce and the convenience of online banking, people are now able to make purchases and transfer money with just a few clicks. One of the most important tools in facilitating these transactions is the Unified Payments Interface (UPI).

UPI is a real-time payment system that allows users to link multiple bank accounts to a single mobile application. It enables seamless fund routing and merchant payments directly from a user’s bank account. UPI has revolutionized the way we make payments by providing a secure, convenient, and efficient platform for digital transactions.

One of the key advantages of UPI is its interoperability. Unlike traditional payment methods, UPI allows users to transfer money between different banks instantly. This means that regardless of the bank you use, you can easily send and receive money from anyone with a UPI ID. This has greatly simplified the process of splitting bills, paying for services, and transferring funds between friends and family.

Moreover, UPI has also made online shopping more convenient. With UPI, users can make payments directly from their bank accounts without the need for credit or debit cards. This eliminates the hassle of entering card details and reduces the risk of fraud or identity theft. Additionally, UPI enables users to make quick and secure payments on various e-commerce platforms, making online shopping a seamless experience.

While UPI offers numerous benefits, it is important to exercise caution when making online payments. Here are some precautions to keep in mind:

Precautions while using UPI-Unified Payments Interface-

Use trusted platforms: Only make online payments on reputable websites and apps. Look for secure payment gateways and ensure that the website has a valid SSL certificate.

Protect your personal information: Be cautious when sharing personal information online. Avoid providing unnecessary details and only provide information on secure and encrypted websites.

Use strong passwords: Create strong and unique passwords for your online accounts. Avoid using easily guessable passwords and consider using a password manager to securely store your credentials.

Keep your devices secure: Install reliable antivirus software on your devices and keep them updated. Avoid using public Wi-Fi networks for making online payments as they may not be secure.

Monitor your transactions: Regularly review your bank statements and transaction history to identify any unauthorized activity. Report any suspicious transactions to your bank immediately.

By following these precautions, you can ensure that your online transactions are secure and protected. UPI has undoubtedly transformed the way we make payments, offering convenience, speed, and security. Embracing this digital payment system can simplify your financial transactions and enhance your overall online experience.


Changes in use of UPI-Unified Payments Interface-

UPI Transactions: New regulations and changes that come into effect from 1st January 2024

1) If anyone has not used his /her UPI apps like PhonePe, PayTM and Google Pay during last one year, his /her inactive UPI IDs will be temporarily deactivated from 1 January every year.

जर गुगल पे, फोन पे, पेटीएम, भीम अॅप फोनमध्ये इन्स्टॉल केलेले असेल व जानेवारी ते डिसेंबर या कालावधीत या अॅपचा तुम्ही एकदाही वापर केला नसल्यास 1 जानेवारी 2024 पासून तुमचा यूपीआय आयडी ब्लॉक करून सुरक्षिततेच्या कारणास्तव तात्पुरत्या स्वरूपात बंद केला जाणार आहे.

2) The daily maximum payment limit for UPI transactions will now be Rs. 1 lakh.

दररोजची यूपीआय व्यवहार करण्याची मर्यादा 1 लाख रुपयांपर्यंत असणार आहे.

3) UIP user can pay fees or amounts up to Rs 5 lakh per day through UPI to Educational institutions and hospitals.

शैक्षणिक संस्था आणि रुग्णालयात एका दिवसासाठी 5 लाख रुपयांपर्यंत फी किंवा रक्कम यूपीआय द्वारे भरणे शक्य होणार आहे.

4) Whenever anyone makes a payment using UPI apps, the beneficiary person’s actual bank account name will be displayed on the screen. This will help avoid wrong payments or errors during transfers.

आता विक्रेत्याचं खरं नाव समोर येणार आहे. सीम कार्ड कोणत्याही नावानं असलं तरी बँक अकाऊंट ज्या नावाने असेल तेच नाव यूपीआय पेमेंट करायच्या वेळी तुम्हाला पाहायला मिळणार आहे.

5) UPI payments that are made using UPI wallets or Prepaid Payment Instruments (PPIs) for eg. PayTM Wallet, or other digital wallets will now be charged with 1.1% fees for transactions above Rs. 2,000 or more.

यूपीआय वॉलेटमधून पेमेंट केल्यास यापुढे 1.1 टक्के सर्व्हिस चार्ज द्यावा लागणार आहे.

6) RBI in collaboration with the Japanese company Hitachi, will now start UPI ATM machines across India. Whereby, anyone can scan a QR code to withdraw cash from his/her bank account.

यूपीआय एटीएमसाठी आरबीआयनं जपानच्या हिताची या कंपनीबरोबर भागीदारी केलेली आहे. तसेच ही यूपीआय एटीएम मशिन्स सगळीकडे उपलब्ध होणार आहेत. जसं की, डेबिटकार्डाद्वारे आपण एटीएममधून पैसे काढतो, आता तशाच पद्धतीनं एटीएम मशिनमध्ये क्यूआर कोड स्कॅन करून यूपीआय द्वारे तुम्हाला पैसे काढता येणार आहेत.

7) Customers will be able to re-register their respective UPI apps for mapper linkage and they can make payments, non-financial transactions using UPI PIN as needed.

ग्राहक त्यांच्या संबंधित बंद झालेल्या UPI अॅप्सची पुन्हा नोंदणी करू शकतील आणि ते आवश्यकतेनुसार UPI पिन वापरून पेमेंट व गैर-आर्थिक व्यवहार करू शकतात.

8) If more than two thousand rupees is to be settled, now it will take four hours. RBI has made this change to prevent cyber-crime.

दोन हजार रुपयांपेक्षा जास्त सेटलमेंट व्हायचे असेल तर आता चार तास लागणार आहेत. आरबीआय ने सायबर गुन्हेगारी रोखण्यासाठी हा बदल केलेला आहे.

e.g. Money paid by UPI is to be credited to the seller’s account immediately after the transaction, but now from January 2024, if you make a UPI payment of more than Rs 2,000 to any new person or shopkeeper, it will take four hours for the amount to be credited to the seller’s account. But if you always make payments to that person or shopkeeper then this rule will not apply to you.

उदा. व्यवहार झाल्यानंतर लगेचच विक्रेत्याच्या अकाऊंटला पैसे जमा व्हायचे, पण आता जानेवारी 2024 पासून तुम्ही कोणत्याही नवीन व्यक्ती किंवा दुकानदाराला दोन हजार रुपयांपेक्षा जास्त रक्कम यूपीआय केल्यास तर विक्रेत्याच्या अकाऊंटला ती रक्कम जमा होण्यासाठी चार तास लागणार आहेत. परंतु तुम्ही त्या व्यक्ती किंवा दुकानदाराला नेहमीच पेमेंट करत असाल तर हा नियम तुम्हाला लागू होणार नाही.

9) If you make a payment to a new person or shopkeeper through UPI, you will now be able to cancel it within four hours. Also that amount will be credited back to your account. This will be of great benefit to the cyber criminals to recover the stolen amount. If money goes to someone else’s account by mistake, it will now be possible to get it back.

यूपीआयद्वारे तुम्ही नवीन व्यक्ती किंवा दुकानदाराला पेमेंट केले तर चार तासांच्या आता तुम्ही ते कॅन्सल करू शकणार आहात. तसेच ती रक्कम पुन्हा तुमच्या अकाऊंटला जमा होणार आहे. याचा मोठा फायदा सायबर गुन्हेगारांना चोरलेली रक्कम परत मिळवण्यासाठी होणार आहे. चुकून दुसऱ्याच्या अकाऊंटला पैसे गेल्यास आता परत मिळू शकणार आहेत.


Steps for Registration:

1) User downloads the UPI application from the App Store/Banks website.

2) User creates his/her profile by entering details like name, virtual id, password etc.

3) User goes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id.

4) A message will be sent by app to the bank using mobile number to fetch the bank accounts.

5) Link the bank account by using ATM card details.

Generating UPI – PIN:

1) User selects the bank account from which he/she wants to initiate the transaction.

2) User clicks one of the option.

Change UPI PIN

1) User receives OTP from the Issuer bank on his/her registered mobile number

2) User now enters last 6 digits of Debit card number and expiry date

3) User enters OTP and enters his preferred numeric UPI PIN( UPI PIN that he would like to set) and clicks on Submit

4) After clicking submit, customer gets notification (successful or decline)

5) User enters his old UPI PIN and preferred new UPI PIN (UPI PIN that he would like to set) and clicks on Submit

6) After clicking submit, customer gets notification (successful or failure)


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proftushar.chavan
proftushar.chavanhttps://activedigitalteacher.com
I am a techno savvy person working as a Junior College Teacher at Rashtriya Junior College, Chalisgaon Dist, Jalgaon

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