What is UPI money transfer?

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 enables instant, 24/7 money transfers directly between two bank accounts via a mobile platform. Users can send or receive funds using a unique UPI ID, mobile number, or by scanning a QR code, eliminating the need for bank account details like IFSC codes. It provides a secure, single-interface solution for various banking features and merchant payments.