Unified Payments Interface (UPI) is a payment system that allows users to link more than one bank account in a single smartphone app and make fund transfers without having to provide IFSC code or account number. As of now 21 banks are implementing this UPI app. It is a type of payment system which allows easy and quick transfer of money between two parties.
This interface will integrate the entire payment systems in India. It uses a single application programme interface with a series of Application Programme interface (API’S). The mobile devices are the primary object for all the payments.
A customer will be paying directly from a bank account4 to different dealers both online as well as offline. There is no need of typing any card details, IFSC code or any passwords. It is a type of payment system which is like the existing NEFT, RTGS etc. UPI includes transactions such as bill payments, remittances, merchant payments etc. In this digital era, every one of us is having smartphones. Each and every user with android phones can download the UPI from Google Play store. After the installation process, you need to set up the app login and then create a virtual address, add the bank account and then finally set a mobile pin (M-Pin) and then start using UPI. The transaction limit through UPI is 1 lakh.