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UPI Explained: What Does UPI Mean and How Does It Work?

upi-payment-mob

Description

Unified Payments Interface (UPI) is a revolutionary digital payment system in India, enabling seamless money transfers between bank accounts via mobile devices. Launched by the National Payments Corporation of India (NPCI), UPI allows users to link multiple bank accounts to a single mobile application, facilitating instant fund transfers 24/7. With just a Virtual Payment Address (VPA), users can send and receive money without sharing bank details. UPI supports various transactions, including bill payments, merchant payments, and peer-to-peer transfers, making it a versatile and convenient tool for digital banking. Its simplicity and efficiency have significantly boosted cashless transactions in India.

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