UPI Payment
You have a mobile number and name, you can send up to 5 lakh rupees
You have a mobile number and name, you can send up to 5 lakh rupees
The National Payments Corporation of India (NPCI) is now implementing a method that can transfer up to five lakh rupees if you only have a mobile number and name like Google Pay.
The National Payments Corporation of India (NPCI) is now implementing a method that can transfer up to five lakh rupees if you only have a mobile number and name like Google Pay. With this you can easily transfer money from one bank account to another. In this regard, the government system is a challenge for Google Pay. The NCPI was developed jointly by the Reserve Bank and the Indian Banks Association (IBA).
Earlier, if you want to send money from a bank account, you have to add several details of the recipient. It was mandatory to add his name, bank’s IFSC code (IFSC) and bank account number. No more of that. All you have to do is get the name and phone number of the person you want to send money to.
This will make money transfer easier. Under the new IMPS rules, users only need the recipient’s mobile number and their bank name. Instant Money Payment Service or IMPS is an electronic funds transfer system in India for sending money from one bank account to another.
Now you can transfer money easily using name and phone number. Transactions similar to what is currently done through Google Pay will become widespread. The implication is that the more information the beneficiary provides, the less likely it is to cause errors.
IMPS fund transfer is easy as money transfer is possible 24 hours a day. This move could help bring about a major transformation in India’s economy.
