What is Unified Payments Interface (UPI)?

UPI stands for 'Unified Payments Interface,' which is an instant real-time payment system developed by the National Payments Corporation of India.

• UPI enables real-time inter-bank transactions.

• UPI interface is regulated by the Reserve Bank of India

• UPI transfers funds instantly between two bank accounts on a mobile platform.

• Any UPI client app may be used, and multiple bank accounts may be linked to a single app.

• Major UPI apps in India include:

- PhonePe
- GPay or Google Pay
- Paytm UPI
- BHIM SBI
- Amazon UPI

• Through UPI, money can be sent or requested with the following methods:

- Virtual Payment Address (VPA) or UPI ID
- Account number & IFSC (Indian Financial System Code)
- Mobile number mapped with the bank account.
- Aadhaar number mapped with the bank account.
- QR code

Related Articles:

➤ What is RTGS (Real Time Gross Settlement)?

➤ What is NEFT (National Electronic Funds Transfer)?