UPI stands for unified payment interface, it is a unique user ID that bank uses to accomplish real-time money transactions. The national payments corporation of India set up by the reserve bank of India and the Indian banks association back UPI. It facilitates the transfer the money between bank accounts and interconnectivity through IMPS, which is much faster than the traditional NEFT. So here this article gives information about the advantages and disadvantages of UPI to better understand this topic.
Pros or Advantages of UPI:
- Using the UPI pin, you will be able to make the most secure payment. This is a very safe medium, it just gives you a single PI, through which you can transfer money.
- If you make payment from UPI, you will not have to pay any charges as this is completely free by the Indian government.
- UPI that you can also send any payment at one time or ask for it in your account. It either deposits money into your account or transfers money to another account in a matter of seconds.
- UPI offer access to all your bank account through a single mobile application
- You can send payment to any unified payments interface support bank, which is very easily without any charge, the State bank of Panjab national bank, and all other banks.
- UPI is easy to access, you can use24*7 hours a day, at any time and any place, even on public holidays.
- UPI is the one that does not need to fill in the various details like ATM card number, IFSC code, account number.
- The UPI payment is very simple, with the help of this, you can send money quickly and easily to another account.
- If you send any money to another account holder, then if you send the same payment through the UPI, they are given some cashback in it. You can get a lot of benefits from it.
Cons or Disadvantages of UPI:
- UPI is a deal for smaller fund transfers, when an amount is high then other modes of online transfer are preferable.
- Another issue with UPI is that it is difficult to persuade customers to download the bank application to their smartphone for a single payment interface because they are concerned about online fraud.
- Do not tell your personal information such as the date of birth, The UPI pin, and other information to any other person, so that your account will be safe.
- If you want to transfer payment in the UPI, then you can transfer up to Rs 10,000 as much as possible. You should send it one at a time if you need to send it more than once.
- You must know that you have to transfer money from the unified payment interface pin is also known as the UPI pin, and it is a very small digit, 4 to 6 digit while having a small digit, it is not safe, so make your payment carefully and its information does not let anyone else know.
- It does not work on the slow of the internet.
- UPI is a very fast and safe medium, but sometimes it takes a lot of time to send the payment after the bank’s server down.
- If you want to pay using the UPA, you won’t need the UTI support app, which you’ll need to install on your Android smartphone and use regularly take your mobile RAM too much. So that your mobile hangs or uses too much internet to avoid it, you can clear app cache and background data to the user can also shut down.
Thank you for reading this article. If you have any queries regarding our article on the advantages and disadvantages of UPI then do comment in the comment section below.