Meaning
Facilitating financial transfers without direct interaction between payer and payee’s banks.Definition
A payment method where an intermediary service processes funds between the sender and receiver.How It Works
The payer authorizes a third-party platform (e.g., digital wallet) to debit their account. This platform then credits the payee’s account. UPI Payment is a prime example.Benefits
Offers improved security, convenience, and generally quicker UPI Transaction processing for both parties.Author
