What is UPI payment?
What is UPI Payment for you? A new technology of giving money to each other. You all know how Russia is doing now because of the invasion of Ukraine. UPI(Unified Payments Interface) has the potential to be the world’s best payment transfer system.
Russia’s invasion of Ukraine has led to worldwide penalties across Russia. Other countries have also cut off trade with Russia. He also closed his business with a Russian bank. One of them was SWIFT. This Swift also banned Russia from its service.
What is SWIFT?
Swift is an international money transfer service. Which allows you to transfer money from one country to another. In this Swift Code, all the information like which city bank, which branch, its name comes.
How the Swift Online Payment system works?
When a bank wants to transfer money from one customer’s account to another customer’s account, it is going to be very easy. But when it comes to transferring money from one bank to another, the chances of making a mistake increase.
Money is deducted from the account holder’s account but does not reach the account holder of the other bank. So sometimes even if the money is not cut, it may happen that it comes to the opposite bank. So this is a suspense to say where this money came from. A secure messaging service is needed to prevent all such errors. In which the bank communicates within itself in its own way.
The code that a bank uses whenever it communicates with another bank in its own country is called a IFSC code. All banks have different IFSC codes. From this code it is known which bank the money will go to. But you know how many banks there are in the world. It has all the different services. And different technologies are used.
Also read How Banks Earn Money from customer?
That is why if all the banks want to transfer money to each other then there must be a communication between all the banks. So this uniform communication is SWIFT code. You will need this Swift Code if you want to transfer international money. Which will be a Swift code of your bank branch.
Why is the UPI(Unified Payments Interface) is Future?
The full name of UPI is Unified Payments Interface. Which was launched in our country on April 11, 2016 by NPCI(National Payments Corporation of India). When this UPI did not come, people used to transfer money through Cheque, IMPS, RTGS. If the money was to be transferred by the bank then all the information of the bank of the borrower was required. Such as account number, bank name, branch name, bank city, IFSC code. It was then possible to transfer money and it took more time.
UPI has made it easier to transfer money from one bank to another. In which he created an application where you can add all your bank in this application. You can access all the bank accounts from one mobile number with one application. If you need to make a payment to a person, all you need is the person’s mobile number or UPI id, or their QR code. You can transfer money to another person using only one of these three items.
Application for payment from UPI:
If you want to transfer money to someone, you only need to enter one PIN across this application. And you can also select the bank so that you can deduct the money. And this service continues for 24 hours. This UPI service has become so popular that UPI transactions are increasing day by day in our country.
This process is getting so much easier that it has to replace the Cash. At present there are no cases but they are paying from UPI. This technology could be a worldwide success. That is why UPI is the future of the world. This UPI can be your support if in the near future if there is a war with India, if any penalty is imposed on us.