What is the UPI system?

Unified Payments Interface (UPI) is a real-time instant payment system developed by the National Payments Corporation of India (NPCI). It allows users to link multiple bank accounts into a single mobile application, enabling seamless fund transfers directly between bank accounts 24/7. Regulated by the Reserve Bank of India (RBI), UPI uses a unique UPI ID or QR code to facilitate secure transactions without requiring sensitive bank account details or IFSC codes for every transfer. It supports person-to-person and person-to-merchant payments efficiently across the country.