UPI: Unified Payments Interface
UPI Full Form
UPI full form is Unified Payments Interface. UPI full form (Unified Payment Interface) is a real-time instant payment system originated by the National Payment Corporation of India to ease transactions between banks.
The interface is supervised by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on the mobile platform. It is a smartphone app or payment system that enables users to transfer money between bank accounts using their mobile phones.
How does It work?
This is a real-time payment system that allows sending or requesting payment from one bank account to another. Any UPI client application can be used, and multiple bank accounts can be linked to a single application. You can transfer or request a transfer in the following ways:
- Default Payment Address (VPA) or UPI ID: Send or request payment from a bank account assigned with VPA.
- Mobile phone number: Send or request payment from the bank account drawn with the mobile phone number.
- Account number and IFSC: transfer funds to a bank account.
- Aadhaar: Sending money to a designated bank account with an Aadhaar number.
- QR code: Transfer money via the QR code, which includes VPA, account number, and IFSC or mobile phone number.
What Is The Full Form Of UPI?
UPI full form stands for Unified Payments Interface. It is a banking system used to transfer money in payment apps. It was developed by the National Payment Corporation of India on April 11, 2016.
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