In this era, asking people to wait for a week for an amount processed in 5 seconds is not just unfair but a poignant question on the technological advancements being made in the fintech ecosystem.
There’s no particular reason why people ask what they ask, which is why Quora is fun. Often, followers are intrigued by specific questions because they have an answer that, against all the odds, is a pleasure to read.
Under this new reign of digital payments, UPI interoperability is supposed to bellwether the payment industry, impact stakeholders and reduce complexities.
UPI has scaled itself into one of the most preferred payment modes in India. Read this quick guide to learn how you can invest in mutual funds using UPI.
UPI is a payment system that allows you to transfer money between any two parties. As compared to NEFT, RTGS and IMPS, UPI is far more well-defined and standardized across banks.
An mPIN is a 6 digit passcode that you must enter every time you wish to make a transaction. Without the mPIN, you cannot make UPI transactions.
With UPI adoption seeing new heights, banks are to start charging for Person-to-Person transactions that are made through UPI.
The UPI ID or VPA is what you share with your customers or family when they need to make payments to you.
The BHIM app allows you to send and receive money using different modes without any transaction fees.