A Unified Payments Interface (UPI) is a smartphone application that allows users to transfer money between bank accounts. It is a single-window mobile payment system developed by the National Payments Corporation of India (NPCI). It eliminates the need to enter bank details or other sensitive information each time a customer initiates a transaction.
KEY TAKEAWAYS
- The Unified Payments Interface (UPI) is a smartphone application for banking in India.
- The interface is regulated by the Reserve Bank of India (RBI), India’s central bank.
- This app eliminates the need to enter bank details or other sensitive information each time a customer initiates a transaction, making it a safe way to bank.
