What is Unified Payment Interface?

It isn’t just demonetisation that has led to the use of cashless sources of making payments. At the beginning of the year, Jan 2016, the National Payments Corporation of India (NPCI) announced Unified Payment Interface. It came into operation on 11 April, 2016. This is one of the biggest steps taken by the Indian Government to bring about a banking revolution in the country. There are many people who still have the question, ‘What is unified payment interface?’ It is a new mode of payment through which people can access multiple bank accounts and make transactions.

In order to understand ‘What is UPI?’ is not such a complex thing. At present, each time that we have to make an online payment, we are required to fill in details such as account type, bank name, IFSC code, account number, etc. Mentioning all these details over a phone can get taxing. Usually, banks take a time period of 12 hours to add the account of a new payee and only after that a transaction can take place. The main aim of UPI is to skip through this long process. No longer do account holders need to wait for so long.

UPI is a single platform via which you can receive or send money simply from a smartphone with your Unique ID on your Aadhaar card as well as a phone number or do so without having to mention bank account information and just the virtual payment address. There are a number of banks that are now UPI-enabled such as Axis Bank, SBI, HDFC, Canara Bank, Yes Bank, and many others. UPI is available 24x7 and requires a single authentication making online payments easier like never before. It is very beneficial for the merchants as well who will enjoy seamless collection of funds from all the customers.

If you haven’t yet downloaded UPI on your smartphone, it is time you do so for a unique online payment experience!  

Income insurance plan is great for salaried people

Everyone earns for a living either through their own business or a service. If you are one of those who is dependent on your job for an earning, it is important to have a back-up plan as well. All of us know that life is unpredictable and when you are the sole breadwinner of the family, it is prudent to think about the worst possibilities. After all, your family is used to living in a certain way and they are completely dependent on you for every single need. Have you ever thought of a day when you will no longer be around? How is your family going to manage then?

With the growing expenses as well as requirements, it doesn't matter how much you save. What is important is a strong cushion to support your family. What if you stop earning income owing to an unfortunate event which leaves you disabled or what if you are no longer around? Think of the changes that they will have to go through overnight. Purchasing a salary insurance plan is one of the best ways to safeguard your loved ones. This is one of the best plans for those whose income is dependent on a job. This plan ensures that a regular source of income continues even in your absence or in case you are not physically stable to work.

The amount of safety will be dependent on how early you purchase the plan. This is because the earlier you purchase the income plan, the more the amount of money that will be received by your family at a later stage. Also, the premium amount will not be a burden for you to pay. While this plan can be purchased up till 60 years of age, it is recommended that one buys as they begin their married life or for those who have dependents as parents or other family members. The salary insurance plan takes into consideration every aspect of your financial responsibilities and chalks out the right amount of savings for the future.