What is a UPI account?

A UPI account is a digital payment setup that uses the Unified Payments Interface (UPI) to enable instant, real-time money transfers between bank accounts. Regulated by the Reserve Bank of India (RBI) and developed by the National Payments Corporation of India (NPCI), it allows users to link multiple bank accounts to a single mobile application. Instead of using sensitive bank details like account numbers or IFSC codes, transactions are completed using a unique Virtual Payment Address (VPA) or UPI ID, ensuring a secure and seamless payment experience 24/7.