Features, Benefits and Maximum Limits of UPI Trading in India www.deekpay.com

UPInamelyUnified Payment Interface of India, is a single platform for transferring all your bank accounts directly to your mobile device. Complete UPI TradingAll that is required is UPI ID(for the Paytm UPI app, this is the recipient's contact number) and UPI PINCode.

Digital transactions using the Unified Payments Interface of India (UPI) have grown to 1.8 times the pre-COVID-19 level, a State Bank of India (SBI) study released on 8 December said. Between October and November 2020, the National Payments Corporation of India (NPCI) processed over Rs 2 billion UPI transactions worth Rs 3.9 billion per month.

Understanding Unified Payments Interface UPI India

NPCI (National Payments Corporation of India) and RBI (Reserve Bank of India) joined forces to facilitate the transfer of funds from one bank account to another. Hence, UPI - Unified Payment Interface was born. UPI is a single platform that allows users to carry out all types of bank-related transactions from the comfort of their homes via their mobile devices.

Using only a virtual payment address (UPI ID) or a contact phone number and a secure password (UPI PIN), users can perform real-time interbank transactions. With the help of UPI, one can perform the following transactions:

Transferring money from one bank account to another. Soliciting funds from any individual. Make payments on e-commerce sites. Pay for electricity, water, DTH, broadband, etc. Payment at brick and mortar shops like sweets, stationery, etc.

UPI Trading Features

UPI has the following features that you should clearly understand -

UPI payments are very fast, usually within seconds. Almost every bank allows UPI transactions through mobile apps. The payment is completely secure. In order to complete the payment, the user needs to have the SIM card of his mobile number present in his mobile phone and he needs to enter the secret MPIN every time. UPI transactions allow individuals to request funds from other individuals, while other payment methods like IMPS, NEFT etc. do not offer this option. These mobile payment apps also offer bill payment functionality, which means you can set up timely reminders for all bill payments and make payments using the app with a single click. If there are any issues or suspicious activity on your account, you can easily file a complaint using the mobile payment app! Payments are available 24/7. Totally free!

Benefits of UPI Trading

There is no doubt that UPI plays an important role in making India a cashless economy. The increasing use of UPI illustrates the benefits of UPI transactions. Here are some of the many benefits of UPI transactions:

24*7 Service - Since every UPI transaction is made using a mobile device, it can be accessed any time of the day or night, anywhere. Unlike banks, there are no set hours when you can conduct transactions. Cashless transactions - with IMPS, andRTGS respond in singing NEFT Unlike, UPI allows for absolutely cashless transactions. Cashless Payment Methods - Cash payments have been replaced by debit/credit cards for decades. However, small payments like in a confectionery/stationery shop are not possible through debit/credit cards. The advent of UPI services has made it possible to make small payments in such shops, thereby increasing cashless payments. Simple and quick - UPI transactions do not require complex details such as bank account number, IFSC or name of the payee and other personal details. Simply provide the UPI ID and UPI PIN to complete the UPI transaction. Safe and secure - UPI transactions are absolutely secure. UPI transactions are regulated by the Reserve Bank of India and NPCI, and mobile payment apps such as Paytm follow all the guidelines set by these regulatory bodies. Payments can only be initiated from a mobile phone with your SIM card or mobile number registered with the bank. Also, you need to confirm your secret UPIPIN before every UPI payment.

UPI Transaction Limits

To ensure safety and security of transactions, the Paytm UPI payment application is regulated by the Reserve Bank of India (RBI) guidelines. As per the prevailing rules and regulations, the current UPI daily transaction limit on the Paytm app is Rs. 100,000 per account per 24 hours.

However, it is important to note that the actual UPI transaction limit varies from bank to bank, which may also limit the amount that can be sent at a lower amount. The maximum UPI transaction limit for a user is set by the bank itself. If a user attempts to transact an amount that exceeds the daily limit, he/she will receive a message stating "Maximum Limit Reached". In such a case, the user will have to choose another payment method. In addition, you can make a maximum of 10 payments from any bank account in a 24-hour period.

UPI transaction fees on Paytm

Paytm is a mobile payment app that supports UPI services. There are no charges for conducting any UPI transactions.

Here are some of the reasons why you should make UPI transactions on Paytm:

Paytm is an easy to use application. You can use QR code, UPI ID or IFSC for UPI transactions on Paytm. Paytm adheres to all the rules and regulations laid down by the Reserve Bank of India; hence, it is a completely secure platform. The Paytm app offers 24*7 customer support services in case of any queries or issues. UPI has a daily transaction limit of Rs. 100,000 on Paytm app. The Paytm app does not charge UPI transaction fees.

How to trade UPI

To conduct UPI transactions, you must have a mobile payment app that supports UPI services. After downloading the app, you can do either of the following:

Select contact/enter mobile phone number - sending money is as easy as sending a message. Just select a phonebook contact or enter your mobile phone number, specify the amount you want to transfer and enter your PIN code. That's it! Your payment will be completed in seconds. Scan UPI QR Code - You can also send money through UPI by scanning the recipient's QR code. Simply open the Paytm mobile payments app on your mobile phone, click on 'Payments' and then select 'QR Code'. Scan the recipient's QR code and enter the amount to be paid. Now enter your PIN code and your payment will be done in seconds. Enter UPI ID - To send money via UPI ID, all you need to do is open the mobile payment app and enter the recipient's UPI ID. Thereafter, you need to enter the amount to be transferred and verify the transaction by entering your MPIN. Your transaction will be completed in seconds. Enter Account Number and IFSC - This is a traditional payment method that UPI also supports. You can enter the account number and IFSC of the person you want to send money to, specify the amount and enter your PIN. Your payment will be completed in seconds.