What is Unified Payments Interface (UPI)?

Features of UPI:-

  • Instant transfer of funds through Immediate Payment Service (IMPS) which is faster than NEFT.
  • Since this facility is completely digital, one can use UPI 24 hours a day and also on all public holidays.
  • Only a single mobile application for accessing various bank accounts.
  • It uses a virtual payment address which is a unique ID given by the bank
  • Uses account number with IFS code and mobile number with MMID or Mobile Money Identifier.
  • Requires MPIN or Mobile Banking Personal Identification Number.
  • Each bank offers its own UPI for different platforms of Android, Windows, and iOS. Banks may or may not charge for the UPI service.
  • It also provides bill sharing facility.
  • It is also the best medium for merchant payments, utility bill payments, in-app payments, OTC payments, barcode-based payments.
  • Any person can register his complaint directly from the mobile app.

Work of UPI:-

Security in UPI:-

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