UPI – Unified Payments Interface was officially launched by the Nation Corporation of India (NPCI), under RBI for instant inter-bank real-time transactions using android apps. UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone.
UPI allows a customer directly to form a bank account with different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords. It uses Virtual Payment Address ( VPA ) to pay through the UPI.
|Product type||Instant real-time inter-bank payment system|
|Introduced||11 April 2016; 6 years ago|
|Available in||16 languages|