Unified Payment Interface (UPI) – Complete Analysis
UPI is a payment system which is designed to transfer money between any two bank accounts by using a smartphone without the need to enter the bank account information or net banking user-id or password. National Payment Corporation of India (NPCI) has made bank applications for UPI operational and it can be used for money transfer. UPI is based on IMPS (Immediate Payment Service) which is used in Net-banking to transfer money 24*7. Why UPI? UPI can be used for peer to peer money transfer. It allows user to transfer money directly from a bank account to numerous merchants both online and offline. The benefit of UPI over IMPS is convenience. When using IMPS we need to access Net banking, add recipient using bank account details , IFS Code of bank, OTP, etc. Once added then you can send money after some time. Whereas in case of UPI, we only need to open the UPI app and enter payee ID that is simple to use. One step and money is transferred instantly. ...