What is the UPI payment system?

Unified Payments Interface (UPI) is an instant, real-time 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 24/7. Using a unique UPI ID or scanning a QR code, individuals can send or receive money instantly without sharing sensitive bank details. Regulated by the Reserve Bank of India (RBI), UPI facilitates both person-to-person and person-to-merchant transactions securely using a secure UPI PIN for every payment.