Google Pay :- How is it possible to transfer money through Online payment application almost instantly like Phone pe , Paytm and Google pay ?

Google pay, Phone pe, Paytm

You need to rethink over here,

No matter which app are you using listed in your question they all are using UPI which is Unified Payments Interface.

And these apps actually need to connect with any 1 main bank which in actual handles the payments like GOOGLE Pay is with AXIS Bank, PhonePe with Yes Bank and so on.

Payments Solution Google Pay

Payments Solution Google Pay

Now if you are making payments via any bank its atlast processed by the bank ye your app requests but bank should support it.

Most of the Bank have UPI app and you can use that but apps like PhonePe, Google Pay, Paytm UPI are much more stable and better.

Here is the deal, Bank don’t have issue processing Billions of Rupees from one account to another in matter of seconds they have issues with authenticity and is transaction legit. Its to secure you.

That’s why NEFT which could take from hours to days to process it. Its done in Banking Hours only all big transactions are verified specially and even needed they contact and confirm with the bank account holder.

How UPI transaction is authenticated?

You need to verify with OTP first then you need the registered bank registered number sim in your phone to work apps can read the number on the sim after that it would send message from your phone number to their system to verify and get the key.

After this you need to enter UPI pin the its setup. Now when you make the transaction it cheks the sim and number after that yoi enter 1right PIN then if things are not suspicion your transaction gets successful.

UPI transactions are traceable in case of fraud.

Still UPI is limited to Rs. 100000.

UPI is launched to end the issues of cost to manage every internet banking transaction, cut the time and eliminate time requires to handle small transactions etc. .

Hope you were able to better UPI.

Do Upvote if you find my answer helpful 🙂

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