|Definition||:||Unified Payment Interface|
|Category||:||Business » Banking|
What does UPI mean?
Unified Payment Interface (UPI) is a real-time mobile payment system in India that enables to transfer of funds between bank accounts through a mobile platform.
With the help of UPI, bank account holders can send or receive money instantly from their smartphones using a single identifier known as the Virtual Payment Address (VPA), without having to provide an account number or Indian Financial System Code (IFSC), or any other account information.
UPI is available 24 hours a day, seven days a week, including bank holidays.
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Frequently Asked Questions (FAQ)
What is the full form of UPI in Banking (India)?
The full form of UPI is Unified Payment Interface