UPI or Unified Payments Interface is an immediate real-time payment system that helps in instantly transferring funds between the two bank accounts through a mobile platform. UPI allows multiple bank accounts to use a single mobile application. This idea was developed by the National Payments Corporation of India (NPCI) and is controlled by the RBI and IBA (Indian Bank Association).
Key Features of UPI
Some of the features of UPI are listed below:
- Instant transfer of fund through Immediate Payment Service (IMPS) which is faster than NEFT.
- Since it is completely digital, one can use UPI 24 hours and on all public holidays.
- Single mobile application for accessing various bank accounts.
- Uses Virtual Payment Address (VPA) which is a unique ID given by the bank
- Uses Account Number with IFSC Code and Mobile Number with MMID or Mobile Money Identifier.
- MPIN or Mobile Banking Personal Identification number is required to confirm each payment.
- Also available on USSD service where users can use the service just by dialing *99# and choose the services like fund transfer, send money, request money, non-financial services, balance Enquiry, change MPIN etc.
- Every bank provides its own UPI for different platforms of Android, Windows, and IOS. The banks may or may not charge for the UPI service.
- Bill Sharing facility.
- Best for completing merchant payments, utility bill payments, in-app payments, OTC payments, Barcode based payments.
- In case of complaints/transaction failures, one can file a complaint from Mobile App directly.