What is UPI? Here is a simple 5-point tip to know it better
The much-awaited, revolutionary payment system UPI -- Unified Payment Interface, developed by the National Payment Corporation of India -- has been launched with 21 banks in India.
UPI is a unique payment solution that provides a single interface across all systems for any payment transaction, unlike the traditional NEFT/IMPS (Immediate Payment Service) transactions, where a bank account number is a must.
In a country like India where the most of the people, specifically in rural areas, are not bank-savvy, this is likely to be the best solution for cashless transactions and to promote mobile banking transactions.
Currently, the app to enable this is only for Android phones. Here are the things you should know about Unified Payments Interface: