What is UPI in the banking system?

Unified Payments Interface (UPI) is a real-time 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 instant money transfers. Transactions are completed using a unique UPI ID, mobile number, or by scanning a QR code, eliminating the need for bank account numbers or IFSC codes. This system provides a secure, 24/7 service for personal and merchant payments across India.