What is a UPI payment?

A UPI payment is an instant, real-time fund transfer between bank accounts using a mobile device. Developed by the National Payments Corporation of India (NPCI) and regulated by the RBI, it eliminates the need for physical cash or traditional banking details like IFSC codes and account numbers. Key features include:

• Instant money transfers available 24/7, including holidays.
• Use of a unique Virtual Payment Address (VPA) or UPI ID for identification.
• Scanning QR codes for seamless merchant payments.
• Secure two-factor authentication using a personalized UPI PIN.