What is Cryptocurrency A new word emerged in our lives two months after the beginning of the recession of 2008 and gradually transformed from a vague expression ("virtual coin") to the vocabulary used to characterize the new economy. On June 9, 2009 the first bitcoin was released by an anonymous person called Satoshi Nakamoto. For different reasons like the sub-prime crisis, Nakamoto, claimed he is a Japanese man in his 30's, said he gave the open protocol in 2007. Today the new coin is called a "Digital Asset" and decentralization is the principal idea behind it: there's no main institution responsible for regulating it. The most familiar and traded form of Blockchain's technology, Bitcoin, who has crossed the $15,000 lines way back and has shows an image of exponential increase in the past few months. The great advantage of blockchain technology is that it doesn't have to keep records for a large central computer or big managing company. With this ...
What is UPI
For the first time, UPI has almost matched the value of transactions registered by IMPS, showing the increasing use of UPI. In January 2020, 259.53 million transactions worth Rs 2.16 trillion were carried out by the NPCI-owned instant real-time interbank electronic funds transfer system.
According to the report, UPI has overtaken credit cards as a preferred method of payment and recorded the highest growth of 885 per cent in all payment modes over the past 24 months.
The UPI is a smartphone application that allows users to transfer money between bank accounts. The payment system established by the National Payments Corporation of India (NPCI) is a single window mobile payment system. Each time a customer enters a transaction, it does not require bank details or other sensitive information.
The single payment interface is a payment system in real time. The program allows intra banking peer-to - peer transfers by means of a single authentication process with two clicks. The interface is regulated by the Reserve Bank of India (RBI), the central bank of India. It works by transferring money from bank to bank accounts using mobile platform.
It is said that this system is a safe and safe way of transferring money between two parties and removes the need for physical cash transaction or bank transactions. On 11 April 2016 in India, the pilot system was launched. In August 2016, banks across the country started uploading their app.
How Unified Payments Interface (UPI) Works
UPI uses existing systems, such as the Immediate Payment Service (IMPS) and the Aadhaar Enabled Payment System (AEPS), to ensure seamless payment across accounts. It makes transactions easier (push (pay) and pull (receive) and even supports cash or bar code payments as well as multiple recurrent payments, such as bill for the delivery of services, school fees and other subscriptions.
The system allows the supplies of mobile payments without the use of credit or debit cards, net banking, or the need to enter account details once a single identifier has been established. This would not only ensure greater security of sensitive information, but would also connect people who have bank accounts via smartphones to make hassle-free transactions. Overall, UPI involves fewer cash transactions and potentially reduces the unbanked population.
Sending Money vs Receiving Money
Sending money to the UPI is called a "push." To send money, the user logs in to the app and selects the Send Money / Payment option. After entering the virtual ID and the desired amount of the receiver, he selects the account where the payment is due. The consumer then inserts a Code and receives a confirmation.
Receiving money through the system is called a "pull." Once the user logs into the system, he chooses the option to collect money. The user must then enter the amount to be collected and the account in which the funds are deposited in the virtual ID for the sender. A message will then be sent to the payer with a request to pay. If he wants to make the payment, he enters his UPI PIN in order to approve the transaction. Once the transfer has been completed, both the sender and the recipient will receive a text confirmation to their smartphones.
Services Offered by UPI
The UPI offers a number of key features. Users can access balances and transaction history along with sending and receiving money. Users need an account number, an Indian Financial System Code (or IFSC, which is an alphanumeric code that facilitates electronic transfers), a mobile number of the recipient, and a virtual ID or Aadhaar number to send money.
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