By Jasreet Kaur20, Nov 2024 11:30 AMjagranjosh.com
Do You Know?
UPI is a digital payment system in India that allows instant money transfers using smartphones. UPI makes sending and receiving money quick and secure. Tap to read it's history.
What is UPI?
UPI stands for Unified Payments Interface. UPI is a payment system that allows easy money transfers between bank accounts using mobile phones.
Instant Transactions
UPI enables real-time money transfers, providing instant payment options for users and merchants. This helps businesses and individuals avoid delays in payments.
Uses Virtual Payment Addresses
UPI uses Virtual Payment Addresses (VPAs) to make payments without sharing bank details. It enhances security by keeping sensitive information private.
Multi-Bank Platform
UPI connects multiple banks, allowing users to access different bank accounts through a single app. This streamlines the payment process for users with multiple bank accounts.
Versatile for P2P and P2M
UPI supports peer-to-peer (P2P) and peer-to-merchant (P2M) transactions for personal and business payments. It facilitates payments to friends, family, and merchants easily.
Boosted Digital Transactions
UPI has helped increase digital transactions, promoting a cashless economy in India. This has led to greater financial inclusion for people across the country.