What is the full form of UPI

UPI: Unified Payment Interface

UPI stands for Unified Payments Interface. UPI is an immediate real-time payment system that helps in instantly transferring the funds between the two bank accounts through a mobile platform.Hence, UPI is a concept that allows multiple bank accounts to get into a single mobile application. This idea was developed by the National Payments Corporation of India and is controlled by the RBI and IBA (Indian Bank Association).

The UPI app was launched in Jan 2016 and was adopted by only a handful of national banks initially. Within a span of a year, all banks realized the immense potential it holds and hence went ahead to their own version of the UPI app.

Key Features of UPI

Some of the features of UPI are listed below:

Instant transfer of fund through Immediate Payment Service (IMPS) which is faster than NEFT
Since it is completely digital, one can use UPI 24 hours and on all public holidays
Single mobile application for accessing various bank accounts
Uses Virtual Payment Address which is a unique ID as given by the bank
Uses Account Number with IFS Code and Mobile Number with MMID or Mobile Money Identifier
MPIN or Mobile Banking Personal Identification number is required to confirm each payment
Also available on USSD service where users can use the service just by dialing *99# and choose the services like fund transfer, send money, request money, non-financial services, balance Enquiry, change MPIN etc. (Service charge of 0.50 is applicable)
Every bank provides its own UPI for different platforms of Android, Windows, and IOS. The banks may or may not charge for the UPI service
Bill Sharing facility
Best for doing merchant payment, utility bill payments, in-app payments, OTC payments, Barcode based payments
One can file a complaint from Mobile App directly.