What is UPI and how does it work?
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UPI, or Unified Payments Interface, is a real-time payment system developed by the National Payments Corporation of India (NPCI). It allows users to transfer money between bank accounts instantly using a mobile platform. Here’s how it works:
Registration: Users need to link their bank accounts to a UPI-enabled mobile application provided by their respective banks.
Virtual Payment Address (VPA): Each user creates a unique VPA, which acts as their identifier for receiving payments. VPAs are usually in the format of “username@bankname.”
Transaction: To make a payment, users simply enter the recipient’s VPA, the amount to be transferred, and authenticate the transaction using a secure PIN or biometric authentication.
Immediate Transfer: Once initiated, the funds are transferred instantly from the sender’s bank account to the recipient’s bank account.