Best online money transfer app in India 2020. Everything about online payment system-BHIM,PHONE PE,GOOGLE PAY ETC.

 UPI or Unified Payment Interface can be used via BHIM, paytm, phone pe,Google pay and other payment transfer apps. So we will discuss benefits for UPI and why it is better than other payment methods like cash,cheques,digital wallet,debit card etc. Digital wallet offers quick transaction facility and same facility provided by UPI also. UPI also offers online banking facilities also which makes it best among all.


Nowadays UPI system is offered by all major banks. And it will help India to become a cashless economy. So now we will see what is UPI, how it is better than other payment apps and 10 major benefits of using UPI.


UPI was launched by NPCI (National Payment Corporation of India) in 2016 it is fully regulated by RBI. It work as a inter bank transaction. So money can be transferred from one account to another immediately. It is an instant real time money transfer system. 

So BHIM app which works under UPI has maximum transfer limit of 40 thousand and per transaction limit is 20 thousand. It offers you maximum 10 transaction per day. But there is no limit on merchant transaction. 

 If we compare with other payment apps they offer 1 lakh maximum transfer limit and 1 lakh per transaction limit. It also offers you maximum 10 transaction per day. There is no issue with merchant transaction. 

 

Now let's see what are the major 10 benefits of using BHIM,PHONE PE,GOOGLE PAY etc.:- 

  •  No loss of interest:- while payment if you add some money to your digital wallet then they do not give any interest on your money. But in UPI you do not have any digital wallet so you get interest from your bank account. 
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  • Multiple payment modes:- In UPI you will get multiple payment modes. If someone linked their  mobile number with their bank account you can directly send money using their mobile number.If adhar number linked with account number then you can also transfer money by using adhar number,transfer money by using account number and IFSC code,you also get a QR code to transfer money.

  • All type of payment:- You can use your UPI app for paying bills, shopping. And UPI offers mandate Facilities also.

  • Transaction charges:- NEFT or National Electronic Funds Transfer, RTGS or Real Time Gross Settlement and IMPS or Immediate Payment Service charges are there on other payment apps. If you transfer money from digital wallet to digital wallet then there is no charges. But while Transfer money from digital wallet to bank account then you need to pay 10 or 15 rupees per transaction. But in UPI there is no transaction charges.

  • Secured transaction:- you can use UPI apps just using your mobile number which is linked with your bank account. You don't need to give your account number,IFSC code so it is very secured. 

  • Request money :- you can request for money from your friend by using UPI. Your friend only need to put his UPI pin then money will automatically deducted from your friend's bank account.
  • Add multiple accounts:- you can add multiple accounts in your online payment app. Expect in BHIM you can add multiple accounts in other payment apps.

  • Over draft facility:- you can over draft account with your payment apps so,in emergency time you transfer money beyond your cash limit.

  • Offline transaction:- By chance if your internet is not working then you can dial *99# to use as a offline transaction system. For more updates click this link http://mudrainvest.com














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