What is UPI banking?

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 fund transfers. Key features include:

• Instant money transfers available 24/7, 365 days a year.
• The use of a unique Virtual Payment Address (VPA) or UPI ID, eliminating the need for bank account numbers or IFSC codes.
• Secure transactions authorized via a user-set UPI PIN.