How does UPI work in India?

Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI) that enables instant fund transfers between bank accounts using a mobile device. Key features include:

• Instant transfers available 24/7, including holidays
• Use of a unique UPI ID or Virtual Payment Address (VPA) instead of bank account details
• Secure authentication using a personalized UPI PIN for every transaction
• Interoperability across different banking applications and platforms