What is the full form of UPI?
UPI full form – Unified Payments Interface.
What is a UPI ID?
A UPI ID is your address through which one can transfer funds to you or request the same. It is just like your email ID and is accompanied by an mPIN (like a password).
What is an mPIN?
mPIN is a password containing 4-6 digits that are required to send money via UPI. It works the same way an ATM PIN works.
Who regulates UPI?
UPI is developed and regulated by NPCI (National Payments Corporation of India) which in turn is regulated by the Reserve Bank of India.
Are UPI and BHIM same things?
No. UPI is a platform which facilitates the transfer of funds bank to bank whereas BHIM is a mobile app developed by NPCI. The common link between these two terms is that both are developed by the same entity of NPCI (National Payments Corporation of India).
Is UPI free?
Currently, UPI is a free mode of bank to bank fund transfers. However, in the coming times, transactions may become chargeable. But it is expected to fall within 50 paisa per transaction which is quite reasonable.
What is the daily limit on transactions via UPI?
Using UPI, you can transfer up to Rs. 1 lakh or 10 transactions in a day.
Can I link my UPI ID with multiple accounts?
Yes. You can add multiple bank accounts to your UPI ID.
Can I send money to someone who is not registered with UPI?
Yes. To do so, you will need to enter the receiver bank account number, IFSC Code and account holder’s name.