Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is one of the most useful and acceptable banking facility, provided by NPCI to this decade. In our day to day life, we use it daily for many purposes such as Bill Payment, Mobile Recharge and many more services. There are several advantages of this system that we can easily understand and read on the internet. There are lots of articles available on the web. 

Let’s have a quick look over the Advantages of UPI :

1. It’s Free! Absolutely No charges of using UPI and It’s available 24×7.
2. You need urgent cash and there’s no ATM nearby? ask someone familiar around for cash and pay him/her through UPI. You can also ask for cash at some shops as they daily get customers. 
   For Example: Any fastfood shops, caffes, medical stores etc.  
3. Some Banks have applications which are very slow in using Netbanking, Hence UPI comes in handy. 
4. We can easily transfer money to any person as UPI gives access to multiple bank accounts through a single mobile application.
5. You only need a UPI ID / phone number and a password to make payments. Other possible options are transferring to their bank using their bank account details. 
6. There’s no use of different card numbers and other details. Once you have registered, you only need a password to make payment.
7. Using QR code helps in fast, efficient and secure payments.
8. Using UPI we can easily pay for any services online. Such as recharge, electricity bills, travel tickets etc.
9. Some places have only cashless payments option, so UPI is a great alternative for cards.

One of the major drawbacks of this system is UPI Frauds. As we all know each and every coin has 2 sides, every technology that comes in this decade is too much use for the people of the nation. But some of the masterminds use these gigantic systems and their knowledge for their bad purpose like UPI frauds. This greedy nature turns their thinking capacity to cybercrime. Every day we read articles about fraud. So there is a genuine request to all those people who use their intelligent brain to do this type of work please stop this, there is no future for your work. You can use this knowledge to create some great inventions applications and API’s which can further help for our new generations. As we all know, recently Sir Bill Gates announced a contest regarding developing UPI apps for feature phones. 

For example: In my friend’s colony, there are 27 families and each family has 4 people so considering this, there are 108 people who are living in this colony. Each and every fellow is literate except 9 or 10 persons. But from all of these living souls, only 5 of them use UPI. This lies in 2 or 3% among all of us and there are 12 teachers who also live in this colony but they also don’t have enough knowledge of UPI transactions and its advantages. Day by day people are getting aware and it’s also our duty to spread awareness about increasing frauds.