UPI (Unified Payments Interface) is a real-time payment system developed by the National Payments Corporation of India (NPCI) that facilitates inter-bank transactions by instantly transferring funds between two bank accounts on a mobile platform. It allows customers to send and receive money, check account balance, and view transaction history all through a single virtual address. The system is built on top of Immediate Payment Service (IMPS) and is designed to work on smartphones and feature phones using all Indian languages. It eliminates the need for customers to share their bank account or credit card details during transactions and is considered one of the most innovative payment systems in the world. It allows for easy and instant money transfer between bank accounts, 24*7 and is accessible through multiple channels including mobile apps and USSD codes.
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