Understanding Unified Payment Interface (UPI)

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank). Launched by the National Payments Corporation of India you can say its a advanced form of IMPS.UPI is a payment system which facilitates the fund transfer between two bank accounts. This payment system works on the mobile platform. Sending money through the UPI app is as easy as sending a message. With an UPI app allows you to transfer money directly from one bank account to another bank account without the need of having any eWallet app or providing yout bank account details like account number of Ifsc number. Here is a list of banks currently supporting UPI. Download the UPI app of your respective bank. Generate your Virtual Payment Address (VPA) such as abc@sbi or xyz@icici and start sending or receiving payments direct from and to your bank account.

 

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