What is UPI in the BHIM app?

In the BHIM app, UPI (Unified Payments Interface) is a real-time payment system that enables instant money transfers directly between bank accounts using a mobile device. Developed by the National Payments Corporation of India (NPCI), it allows users to perform seamless transactions 24/7 without needing bank account numbers or IFSC codes. Key features include:

• Simple transfers using a unique UPI ID or QR code scanning.
• Secure authentication via a 4 or 6-digit UPI PIN.
• Integration of multiple bank accounts within a single application.
• Immediate settlement of funds for both peer-to-peer and merchant payments.