“Unified Payment Interface” (UPI) enables all bank account holders in India to send and receive money instantly from their smartphones without the need to enter bank account information or net banking userid/ password.
For using UPI, users need to create a Virtual Payment Address (VPA) of their choice and link it to any bank account. The VPA acts as their financial address and users need not remember beneficiary account number, IFSC codes or net banking user id/password for sending or receiving money. UPI can be used to for Peer-Peer, Peer-Merchant & Business-Business payment transactions. Read More..