UPI (Unified Payments Interface) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI), enabling interbank transactions through a mobile application. It allows users to send and receive money without needing to reveal their bank account information or IFSC code. UPI is widely accepted across India and has made digital transactions more accessible and convenient for users.
UPI was launched in April 2016, with 21 participating banks.
In November 2016, UPI crossed the mark of one million transactions in a day.
In August 2018, UPI enabled transactions worth Rs. 54,212 crore in a single month.
In July 2020, UPI crossed the mark of two billion transactions.
As of 2021, UPI has over 200 participating banks and is widely used for various transactions such as utility bill payments, online shopping, and person-to-person transfers.
Paytm UPI is a popular digital wallet in India that offers UPI services. It allows users to send and receive money, pay bills, recharge mobile phones, and more.
Google Pay is another popular UPI-based payment app that offers fast, secure, and easy transactions. It allows users to send and receive money, pay bills, recharge mobile phones, and more.
PhonePe is a UPI-based digital wallet and payment app that allows users to send and receive money, pay bills, recharge mobile phones, and more. It also offers cashback and rewards for transactions.
The UPI app is a mobile application that enables users to make instant and secure transactions through UPI. It allows transfers directly from one bank account to another, without the need for any additional details.
BHIM (Bharat Interface for Money) is a UPI-based mobile app developed by the National Payments Corporation of India. It allows users to send and receive money, pay bills, and more using UPI.
UPI (Unified Payments Interface) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI), enabling interbank transactions through a mobile application.
To use UPI, you need to link your bank account to the UPI app. Once linked, you can use the app to send and receive money to any UPI ID, mobile number, or bank account directly from your bank account.
Yes, UPI is safe and secure. It uses two-factor authentication and the latest security protocols to ensure safe transactions. Also, bank-level security is provided, making it one of the safest modes of digital payment in India.
Yes, UPI can be used for various bill payments such as electricity, water, gas, and mobile recharges. Many apps like Google Pay, PhonePe, and Paytm support UPI-based bill payments.
As of 2021, there are over 200 banks that have partnered with UPI, including major banks like SBI, HDFC, ICICI, Axis, and more.