UPI or Unified Payment Interface is the easiest fund transfer method but It has some terms and conditions. You must know these limitations while using this payment platform. In this post, I have listed 9 most important terms and condition of UPI. These are applicable to every UPI app be it Google Pay, Phonepe, Paytm, SBI Pay or BHIM.
#1. Mobile Phone is Mandatory
The UPI payment system works on mobile. Your mobile number is used as primary authentication. That is why it would not work on a PC or laptop. As a registration step, the UPI app sends an SMS from your phone to get the mobile number of your phone. By using that mobile number the UPI system fetches your bank account numbers.
#2. Only For Android and iOS
The NPCI has developed the UPI payment system considering the specification of the Android and iOS. Therefore, You would find UPI apps only for these two mobile operating system. You would not find a UPI app for the Windows operating system.
#3. Balance In your mobile Account
Since UPI App sends an SMS to its server to fetch your mobile number, you must have enough balance to send an SMS. There can be multiple attempts hence charge your mobile number accordingly.
#4. Fund Transfer Only Among Bank Accounts
The UPI was devised to make the bank transfer easier. The system works for fund transfer between two bank accounts. It does not support payment to the wallet. Thus, the sender and receiver both should have the bank account. Money instantly transfers from one account to another.
#5. Sender’s Bank Account Should have Registered Mobile Number
The UPI system fetches and authenticates your bank account number by using the mobile number. Therefore, a mobile number should be registered with your bank account. If you have not registered the mobile number with your bank, you would not be able to use the UPI app.
#6. Debit Card Mandatory
The final authentication of UPI payment is done by the UPI PIN. This PIN is similar to the ATM PIN and set by you. To set a UPI PIN You have to enter the debit card details. Without the debit card, you would not be able to set or reset UPI PIN. Thus debit card is also necessary for using the UPI app.
#7. Re-registration is Required if Handset Changes
At the time of UPI app registration, your mobile number and IMEI number both get registered. Thus a UPI app works only if the mobile number and IMEI number do not change. In case you change the mobile, you have to register again. But the same UPI PIN can be used.
#8. Upper Limit of Payment
UPI payment system is free and there is no minimum limit on payment. However, you can’t pay more than ₹1 lakh in a day from a bank account using the UPI apps. This is the lowest limit among payment systems of India. IMPS permits fund transfer up to ₹2 lakh. NEFT and RTGS don’t have any limitations.
#9. Can’t Stop Payment Once PIN entered
UPI is instant Fund Transfer mechanism. Once you enter the UPI PIN the money immediately gets deducted from your account and credited to the beneficiary account. Since it is an instant process, you don’t have a way to stop the payments.
Add Your Story