What is the UPI mode of payment?

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, 24/7 money transfers. Users can send or receive funds instantly using a unique UPI ID, mobile number, or by scanning a QR code. This secure mode of payment utilizes two-factor authentication, typically requiring a secure UPI PIN to authorize and complete transactions.