Unified Payments Interface
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| Operating area | India |
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| Founded | 11th April 2016 |
| Owner | National Payments Corporation of India |
| Website | Official site |
Unified Payments Interface (UPI) is a payment system launched by National Payments Corporation of India and regulated by the Reserve Bank of India which facilitates the instant fund transfer between two bank accounts on the mobile platform.
UPI is built over Immediate Payment Service (IMPS) for transferring funds using Virtual Payment Address (a unique ID provided by the bank), Account Number with IFS Code, Mobile Number with MMID (Mobile Money Identifier), Aadhaar Number, or a one-time use Virtual ID. An MPIN (Mobile banking Personal Identification number) is required to confirm each payment.
Mobile wallets are basically apps where you keep your money. In these cases, you take money from your bank accounts and keep money by using bank cards or net banking. However, UPI is more like the immediate payment system in the sense that you just use it to transfer money from one account to another. In this case, there is no necessity for the third party wallets and other similar apps.
UPI is also being provided as a USSD service. Users could access the service by dialing the code *99#. The various services provided are categorized as follows,
Users are charged ₹0.50 / session.
NPCI website lists bank which facilitates UPI: UPI Live Members
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