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What are the different components of the UPI system
- NPCI (National Payments Corporation of India) – Governing body for UPI.
- Banks – Provide accounts and process transactions.
- UPI Apps – Interfaces for users to initiate payments.
- Virtual Payment Address (VPA) – Unique ID for sending/receiving money.
- UPI PIN – Secure authentication for transactions.
- Merchants/QR Codes – Accept payments from users.