Unified Payment Interface

UPI is an instant real-time payment system developed by National Payments Corporation of India (NPCI). It allows users to use multiple bank accounts in a single mobile application of any participating bank to do seamless funds transfers and merchant payments.

UPI has been developed over the existing IMPS platform to facilitate funds transfer through Virtual Payment Address (VPA). Users can also raise peer to peer collect request which can be scheduled and paid as per the requirement and convenience. UPI slowly become the most preferred payment system.

  1. Immediate money transfer through smartphone round the clock 24*7 and 365 days.
  2. Single mobile application for accessing different bank accounts.
  3. A unique identifier of UPI is Virtual Payment Address (VPA) like username@xxxbank. It is very easy to remember. Customer does not require to provide the account number, bank, branch, IFSC code, etc. So it is more secure since we are not sharing any of our sensitive information.
  4. Bills can be shared with friends.
  5. It supports merchant payments, Over the counter payments, QR code-based payments
  6. Complaints can be raised in the app itself.
  7. Seamless fund collection by merchants from customers by sending the collect request.
  8. UPI app can be accessed in all platforms viz Android, iOS, etc.
  9. The per day and per transaction limit is Rs.2.00 Lakh. (For some banks, the per transaction limit is Rs.1.00 Lakh)
  10. Standing Instructions can be set for periodic payments
  11. UPI apps need not be owned by Bank. Nonbanking companies who are approved by RBI can also own UPI apps after having arrangements with Banks. for example, ‘PhonePe” is most popular UPI app in our country that is won by Flipkart. Phonepe has tied up with yes bank for UPI payments and it issues yes bank VPA address.
  12. BHIM UPI is a common app developed by NPCI and each individual banks are having their own UPI app.

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