What is Unified Payments Interface (UPI)?
• 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:
• 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
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What is Unified Payments Interface (UPI)?
Reviewed by Rahmat
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February 06, 2020
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