What is a UPI-based payment?

A UPI-based payment is a real-time, instant mobile payment system developed by the National Payments Corporation of India (NPCI). It allows users to link multiple bank accounts into a single mobile application for seamless fund transfers and merchant payments. Key features include:

• Instant transfers available 24/7, including holidays.
• Payments are made using a unique UPI ID, mobile number, or by scanning a QR code, eliminating the need for bank account numbers or IFSC codes.
• Secure transactions authenticated with a two-factor process using a unique UPI PIN.