Unified Payments Interface (UPI) is a mobile payment method that allows users to transfer money between bank accounts in India. It is a single-window mobile payment system developed by the National Payments Corporation of India (NPCI) . UPI eliminates the need to enter bank details or other sensitive information each time a customer initiates a transaction, making it a safe way to bank.
Here are some key features of UPI:
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Regulation: UPI is regulated by the Reserve Bank of India (RBI), Indias central bank.
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Mobile-based: UPI is used on mobile devices to instantly transfer funds between two bank accounts.
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UPI ID: The mobile number of the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money.
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Multiple bank accounts: UPI powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
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Peer-to-peer transactions: UPI facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
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Transaction cost: UPI transactions are free of cost.
UPI is a safe and secure mode of money transfer. It has made financial transactions much easier for account holders and has more benefits than one can imagine.
