What is Unified Payments Interface (UPI)?

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 for seamless fund transfers. Key features include:

• Instant money transfers 24/7, including holidays
• Use of a Virtual Payment Address (VPA) instead of bank details
• Secure transactions via two-factor authentication and UPI PIN
• Support for peer-to-peer (P2P) and person-to-merchant (P2M) payments

This system simplifies digital banking by eliminating the need for account numbers or IFSC codes during transactions.