UPI (Unified Payments Interface)

Unified Payments Interface (UPI) is a real-time payment system that allows users to instantly transfer money between bank accounts using a mobile device. It simplifies transactions by enabling peer-to-peer, merchant payments, and utility bill payments through a single platform. UPI uses a unique ID called a Virtual Payment Address (VPA), eliminating the need for sharing sensitive banking details. It operates 24/7, offers security through multi-factor authentication, and ensures funds are transferred quickly and securely. Popular in countries like India, UPI streamlines digital payments, making financial transactions more accessible and efficient.