The Prime Minister, Narendra Modi, scrapped 500 and 1000 rupee notes, effective, November 8th 2016. Most of the black money in India, is hidden in 500 and 1000 rupee notes. The Government wants to break the back of corruption and terrorism in India, fueled by black money. Now, India is a cash based economy. More than 95% of transactions, take place in cash. About 86% of currency by value in India, is in 500 and 1000 rupee notes.
This currency is now withdrawn. Yes…your old 500 and 1000 rupee notes, have no value. How will you do your transactions, with so much money pulled out of the economy? You have only one option….go cashless. Let’s take a look at a very important cashless mode of transaction…Yes, the unified payments interface popularly called UPI.
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Unified payments interface popularly called UPI, has been launched by National Payments Corporation of India (NPCI). UPI is a payments system, just like a cheque, debit card or a mobile wallet. Using UPI, you can transfer money between any two bank accounts, just by using your smartphone.
Using UPI you (customer), can pay different merchants, directly from your bank account, without the headache of typing credit card details, IFSC code or having to remember net banking or mobile wallet passwords. You can use UPI to send/receive money from family and friends (peer-to-peer money transfers), pay rent to the landlord, pay for something you buy at the shop and even buy something you want, online.
Money gets debited from your bank account and sent to family/friends, in an instant. There is no chance of fraud. The process is highly secure. UPI is available 24 x 7. You can use it even on Sundays and public holidays.
UPI is really simple to use.
You simply click on the send money tab of the UPI app and enter the virtual payment address (VPA), of your friend. Enter the amount you want to send to your friend and press submit. The app will take you to the NPCI page, where you have to enter your M-Pin. You type in your M-Pin and then the amount gets transferred to your friend.
You need to click on receive/collect money tab, on your UPI app. Enter the virtual payment address of your friend, whom you want to receive money from. Enter the amount you want to receive. You can even set a request validation time. The request would be valid for 24 hours, 48 hours or for a particular date. A validation message goes to your friend, who validates it and enters his M-Pin. You receive the amount immediately.
Remember: The maximum amount you can transact using UPI is INR 1 Lakh.
Sending money using UPI is easier than you think. You can send / receive money from friends and family, in a few seconds. Say goodbye to cash transactions….Say hello to UPI. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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