UPI Circle: Redefining Digital Payments and Social Connectivity
Introduction:
Now, with the growing technology, instead of going to the bank and transferring money, we have the facility to transfer money easily from our location through the UPI application on our mobile. Some new facilities are being improved day by day in the UPI applications.
In that way, what we are going to see now is UPI Circle, i.e., people who do not have a bank account while keeping only one bank account. The facility of transferring money through the UPI Circle application of those who have that bank account has been revealed.
To explain, if your father or mother is the only person having a bank account in your house, then you can use that one bank account to transfer money to other people in that family, i.e., children, parents, and some personal relations, up to a maximum of five people through UPI circle applications linked to it. .
How UPI Circle works:
If only one person has a UPI linked to a bank account, then he is called the primary user, and those who use his UPI bank account for other people, i.e., those who do not have a bank account to make payments through his UPI, are called the secondary users. Here, the primary user authorizes the secondary user to make the payment. A secondary user can transfer money up to a maximum of $15,000 per month when using the primary user for spontaneous transfers. This is when the secondary user transfers money with the permission of the primary user. He can transfer money up to a maximum of $5,000 per month.
The National Payments Council of India (NPCI) has introduced this facility for unbanked people to transfer money from a bank account to a bank account through the UPI circle in this UPI application. NPCI, i.e., the National Payments Corporation of India, is a non-profit organization recognized by the Reserve Bank of India and the Banks Association of India that is instrumental in regulating retail and wholesale transactions.
How UPI works:
To transfer money through the UPI application without your bank account number details, you can use your mobile number, Aadhaar card number, and email ID. There is a two-layer security facility, i.e., the first UPI code is given by NPCI and the second M-PIN code is given by banks. The UPI pin is the pin that is created the first time you use the app. M-PIN is a bank-approved phone number that can be issued by your bank. This is the pin that can be given by You can use any of these two as per your convenience. Here, UP stands for Unified Payment Interface, i.e., Unified Transaction Data. This concludes this article. Through this article, you can clearly learn about the technologies for money transfer that are currently in practice.
Conclusion:
In this article, I have mentioned UPI Circle, which is the new future of UPI. Up to five people can use the same bank account using this UPI circle. This Advance Future is useful for those who do not have a bank account. I hope this article on UPI Circle is useful for everyone.
