Fintech platform PhonePe has given a new facility to customers. Now UPI service can be activated on this platform from Aadhaar also. Earlier customers had to provide debit card details for UPI setup. Only after these details, users were able to set the UPI PIN. Due to the debit card being compulsory, people who did not have a debit card could not use UPI.
It is the first UPI Third Party Application Provider (TPAP) app to start Aadhaar-based UPI onboarding services, the company said in a statement. With this, more and more people will be able to take advantage of digital payment. If you are a new user and want to set up your UPI on PhonePe through an Aadhaar card, then here we are providing the step-by-step process.
With the launch of UPI in 2016, there was a revolution in the world of digital payments. UPI gave the facility to transfer money directly to the bank account. Earlier there was a trend of a digital wallet. There is a hassle like KYC in the wallet, while nothing has to be done in UPI.
The operation of RTGS and NEFT payment systems in India is with the RBI. National Payment Corporation of India (NPCI) operates systems like IMPS, RuPay, and UPI. The government mandated a zero-charge framework for UPI transactions from January 1, 2020.
The UPI system transfers funds in real-time. Multiple bank accounts can be linked in one application.
To send money to someone, all you need is their mobile number, account number, or UPI ID.
UPI has been developed on the model of IMPS. That's why you can do 24x7 banking through the UPI app.
OTP, CVV code, card number, expiry date, etc. are not required for online shopping with UPI.