What is the UPI Act?

The Unified Payments Interface (UPI) is not a standalone "Act" but a real-time payment system developed by the National Payments Corporation of India (NPCI). It is governed by the Payment and Settlement Systems Act, 2007, and regulated by the Reserve Bank of India (RBI). Key aspects include:

• Facilitates instant inter-bank money transfers 24/7 via mobile devices.
• Uses a unique UPI ID or QR code, eliminating the need for bank account details.
• Ensures security through two-factor authentication and a secure UPI PIN.