UPI

UPI

UPI

UPI stands for Unified Payment Interface (UPI). It allows transfer of money from one bank account to another instantly via one's mobile phone. Payments can be made via app on mobile device only. The money transfer via UPI works on 24x7 basis. Once you have checked whether you bank supports UPI payments, you need to download the UPI supporting app on your smart phone. Some of the commonly used apps offering payment via UPI method are BHIM, which is developed by NPCI, and there are some private players as well such as Paytm, PhonePe, Google Pay, Amazon Pay etc.

Once you have downloaded the chosen UPI app, then you will be required to choose the bank from the given options. To verify that it is your bank account, your bank will send you a one-time password (OTP). Once the OTP is verified, your virtual payment address (VPA) will be created.

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