- THE NAWANAGAR CO - OPERATIVE BANK LTD.
UPI: India's digital payments revolution
UPI stands for Unified Payments Interface. It is a real-time payment system developed by the National Payments Corporation of India (NPCI). It allows users to transfer money between bank accounts on a single mobile application.
- Single mobile app: Multiple bank accounts can be linked to a single UPI app.
- Virtual payment address (VPA): Each user gets a unique VPA like yourname@bankname for easy transactions.
- Instant transfer: Money can be transferred between UPI-enabled accounts instantly.
- Security: UPI uses multiple layers of security to protect transactions.
Benefits of UPI:
- Convenience: Easy to use and accessible from smartphones.
- Speed: Instant money transfer.
- Security: Multiple security features to protect money.
- Affordability: Lower transaction fees compared to traditional methods.
- Wide acceptance: Rapidly being accepted by merchants and businesses.
Popular UPI apps:
- Google Pay
- PhonePe
- Paytm
- BHIM (Bharat Interface for Money)