UPI (Unified Payments Interface) Use करने के 11 बड़े फ़ायदे - YouTube

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Namaskar, my name is Mukul, and welcome to Asset Yogi.

Guys today's video is very important and today we are gonna discuss Unified Payments Interface also known as UPI.

You might have heard about the BHIM app, Google Pay

Nowadays, Paytm and PhonePe also has UPI Payment System.

Many of the banks have also indulged with UPI Payment System in their apps.

but still many of us do not have adequate information about it.

We also did a survey. Have a look

Can you tell me the difference between BHIM and Digital Wallet?

No.

Sir, Can you tell me the difference between digital wallets and BHIM UPI?

BHIM UPI - I think is a Government App

And what was the other one you asked?

Digital Wallet - What is a Digital Wallet?

In Digital Wallets, Private Companies and all are involved.

In UPI, we can link our phones and do the payment to anyone.

Sir, Do you know the difference between Digital Wallet and BHIM UPI.

Sir, In Digital the money is transferred directly to the bank and In the wallet, the Payment remains in the Wallet itself.

Do you know the difference between UPI and Digital Wallet?

No, I don't have any idea about that.

Brother, you work as an Uber Driver.

So do you use any one of these - Paytm, UPI, or BHIM App?

No.

So as you can see people do not have much knowledge about UPI.

But this is a very Important Payment System, now why I am saying this?

This is what we are going to talk about in this video.

Digital Wallets such as Paytm etc. have become quite popular for providing ease of use to the people.

Money gets transferred within no time (fast).

The same thing happens in UPI as well, but in UPI you can avail Online Banking benefits too.

And both of these advantages combine to form a UPI system and according to me

This is better than any other payment system, be it cash or online banking system

or even Credit/Debit card or Digital Wallets.

So why is this payment system so much better? We'll talk about 11 advantages in this video. Stay tuned.

First of all, I'll give you a small introduction about UPI.

UPI is Unified Payments Interface.

It was launched by NPCI which is the National Payment Corporation of India.

It was launched in 2016 and it regulates under RBI.

NPCI also works under RBI. So what exactly is UPI Payment System? It only operates via Mobile

The inter-bank transfer is achieved, Money directly gets transferred from One Bank Account to another.

This all happens instantaneously and it is Instant Real-Time Money Transfer System.

Now, we'll talk about transaction limits.

So now if we talk about BHIM App which forms the base of UPI and is a Government-owned App

Daily transaction limit is 40,000 Rupees

And per transaction limit is 20,000 Rupees

And you can make 10 transactions in a day.

But Merchant Transactions - like if you go shopping

So, for that there is no transaction limit.

Now, let's talk about private apps, In Private Apps

Transaction Limit is 1 Lakh per day

and per Transaction Limit is also 1 Lakh.

Here also total transactions limit is 10 transactions per day and no limit on Merchant Transactions.

So, We have learned the basics of UPI Now, we'll proceed towards the 11 benefits of UPI

First benefit is - No Loss of Interest.

Money is directly transferred from one bank account to another.

If we transfer money into our Paytm Wallet or Mobile Wallet or Amazon Pay or Ola Money

So we do not get interest on that money.

Here account to account transfer is done, So Interest is not lost

Second Advantage is - Transfer Time is 24*7 just like IMPS.

If you use online banking, in that under IMPS we face one more hassle

First, you'll have to add a beneficiary.

A lot of time is consumed to add a beneficiary varying from 30 mins to 12 hrs (bank to bank).

After adding the beneficiary also, when we transfer the money via NEFT

there is a possibility that the transaction may take more than a day

but in UPI, there's no such system money gets transferred at any time instantaneously.

So, the third Advantage here is - Instant Money Transfer.

Just like Digital Wallets, In Digital Wallets -

Here also we can do the transactions within 2-3 seconds.

But money is transferred directly from one account to another.

So this is a huge advantage.

The fourth advantage is that you get Multiple Modes of Payment.

You can transfer directly via phone number if it is linked to a Bank Account.

You can also transfer via Aadhar Number if it is linked to a Bank Account.

You can also use the Account Number and IFSC Code directly to make a Transaction.

When you link your Mobile to a UPI System and Bank Account, you get a Unique UPI ID.

So, you can transfer via UPI ID too.

One more payment mode is via QR Code, you can also make a transaction via a Unique QR Code provided to you.

So, you get multiple modes in the UPI System.

The fifth advantage is - All types of Payments. You can do Peer-to-Peer Payments.

If you have to send money to your friend or relative.

So you can send.

You can pay your bills and can do that automatically too.

Electricity Bill, Phone Bill, Water Bill Payment

You can pay all these bills.

If you go out Shopping you can do Merchant Payments or to a Restaurant also

You can also do Online Shopping.

Online Invoice Payment is also Introduced under UPI 2 which was launched in 2018.

So if you deliver anything or shop from some E-Commerce site

If you order food online or Book travel tickets

You can also impose Mandates; Mandates means If you-

want to impose Validity or Frequency

Let's say a payment is to be scheduled every month

Let's say you have to pay rent to someone

So you can put a Mandate there as well.

Or else if you have to make a payment at a fixed time to someone.

When you do Online Shopping

people think sometimes to Pay On Delivery only

You can do that here too and fix a particular date and time of the payment.

So, as soon as the order is delivered,

amount will be deducted at that time only.

So, you will get all these facilities in UPI System.

The sixth Advantage is that you have to Pay Negligible Transaction Charges.

I have used BHIM App, GooglePay, PayTm

No charges are deducted in any of these apps I used.

There's a possibility that some banks impose some taxes of negligible amounts.

That is only upto 50 paise per transaction.

If you make transactions via NEFT, RTGS, or IMPS you may have to pay high transaction charges.

Which may vary from 5 Rupees, 10 Rupees, or 15 Rupees, So the transaction charges are a bit costlier here.

And if you use Digital Wallets

No transactions charges are imposed for direct Wallet to Wallet transfer.

Whereas, If you transfer money from Wallet to Bank Account

then as I said before 3-4 percent

is deducted in Paytm as well as in other Apps too.

So, all these charges are imposed there. UPI does not impose any Transaction Charges.

Seventh Advantage is - Secured Transactions.

Here, you get Single Click Two Factor Authentication.

One thing is Transaction Id, that is UPI ID or Mobile Number or QR Code

is used for the Transaction.

Secondly, You have to enter a UPI PIN to complete a Transaction.

So, here the transaction is exceptionally secure.

The second type of security is that Account and Bank Details are not Required.

No need for Bank Account Number, Account Details or IFSC Code.

The Transaction gets completed with your UPI ID and Mobile Number itself.

The eighth Advantage is that you get both Send and Request Systems.

Send System refers to Sending Money via Mobile Number or UPI ID.

Second is Request Money - You can request your friend to send Money

He will then agree and enter the PIN, then the Transaction will be processed automatically.

When you go shopping and purchase some stuff

Merchant will enter the details and you'll enter the UPI PIN, then also the Money will be transferred.

So you get both Send and Request Systems.

The ninth advantage is that you can add Multiple Accounts in a Single App.

In BHIM App you can only add a Single Account

But in GooglePay, Paytm, PhonePe, and other apps you can add Multiple Bank Accounts

and use them with a Single Account only.

This means you can manage all your accounts within a Single App.

You can check your Account Balance and do all your Transactions.

The tenth Advantage is that you can Link your Overdraft Account with your UPI App.

For Example - If you only have 50,000 Rupees in your Bank Account

and you have to make a Transaction of 70,000 Rupees

Now, Since your Overdraft account is linked you can do that transaction easily.

Eleventh Advantage is - Offline Transaction.

You can make an Offline Transaction by pressing *99#.

Just in case you do not have a stable Internet Connection, you can complete your Transaction via *99#.

So, these are all the advantages that you can avail yourself of as a consumer of the UPI System.

And according to me if you're not using UPI Apps yet, then you should use any one of the UPI Apps

Now, You see the Economy will also get benefitted from this UPI System.

Firstly, If cash transactions decrease then the usage of Black Money will also be reduced.

Paper Work will also be minimized.

ATM's need not be maintained.

Digital Economy will get an Upperhand.

If we look into smartphone usage in India - It is Increasing Rapidly.

If we talk about Credit and Debit Card their penetration is also diminishing.

and the penetration of Smarthphones is exceedingly high.

So people will find it very easy to use UPI System.

And since many of us can use Smartphones now, So using the UPI system is not much difficult.

I hope that you liked the video.

So, please do like and share the video with your friends and family members!

So that they also get benefitted from this video

and they may also start using UPI Apps.

If you have some suggestions related to the Video or the Channel

How was your experience using the UPI?

You can share that on Comments Section.

If you are willing to give any suggestions for the upcoming videos, you can post them in the comments section too.

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So, let's meet with another Informative Video just like this one

till then Keep Learning, Keep Earning, and Stay Happy as Always!

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