What is UPI Transaction
Unified Payments Interface (UPI) is a payment system that allows users to link more than one bank account in a single smartphone app and make fund transfers without having to provide IFSC code or account number.
This is a real-time payment system where funds are credited instantly on a real-time basis.
How Does UPI Work :
The user will only have to use a virtual address, known as a Virtual Payment Address (VPA) to carry out any transaction. UPI has been developed by the National Payments Corporation of India (NPCI)and is regulated by the Reserve Bank of India (RBI). Upi is slowly becoming the most preferred form of digital payment. The below-mentioned things are required to transfer funds via UPI:
- A smartphone
- An active bank account
- The mobile number must be active and linked to the bank account
- Internet connection
UPI is slowly becoming the most preferred form of digital payment. The UPI interface is compatible with most banks and many digital wallets, and payment applications are embracing UPI. Some of the apps include Google Pay, Paytm, PhonePe, PayAi and the like.
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