What is the definition of UPI?

Unified Payments Interface (UPI) is a real-time instant payment system developed by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI). It allows users to link multiple bank accounts into a single mobile application for seamless fund routing and merchant payments. Key features include:

• Instant money transfers 24/7, including weekends and holidays.
• Use of a unique Virtual Payment Address (VPA) or UPI ID, eliminating the need to share bank account details.
• Secure two-factor authentication requiring a UPI PIN for every transaction.
• Ability to perform peer-to-peer (P2P) and person-to-merchant (P2M) transactions easily.