What are UPI transactions?

UPI transactions are instant, real-time payments that allow you to transfer money directly between bank accounts using a mobile device. Developed by the National Payments Corporation of India (NPCI), UPI eliminates the need for sharing sensitive bank details like account numbers or IFSC codes. Instead, transactions are completed using a unique UPI ID, a registered mobile number, or by scanning a QR code. This secure system is available 24/7, including weekends and holidays, and requires a personal UPI PIN to authorize and complete each payment.