Unified Payment Interface (UPI)
-
Instant money transfer: - UPI enables instant money transfer between two bank accounts, making it a fast and convenient way to make online payments. -
Convenience: - UPI is accessible through mobile applications of participating banks, which eliminates the need for internet banking credentials and reduces the cost of transactions. -
Security: - UPI uses a virtual payment address (VPA) instead of bank account numbers and IFSC codes, which helps to keep sensitive financial information secure. -
Increased financial inclusion: - UPI is designed to increase financial inclusion by making online payments accessible to a wider range of people, including those who do not have access to traditional banking services. -
Lower cost of transactions: - UPI reduces the cost of transactions by eliminating the need for intermediaries, such as credit cards and payment gateways, and providing a secure and efficient alternative to traditional banking services.
