What is UPI payment in India?

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, enabling seamless peer-to-peer and person-to-merchant transactions. Regulated by the Reserve Bank of India, UPI facilitates immediate fund transfers 24/7 using a unique UPI ID or QR code, eliminating the need to share sensitive bank details. It ensures secure transactions through two-factor authentication, typically requiring a secure UPI PIN for every payment.