Question

Expand UPI and briefly discuss its meaning.

Answer 1

UPI stands for Unified Payments Interface. The National Payments Corporation of India launched UPI, a mobile platform that facilitates fast money transfers between Indian bank accounts. UPI eliminates the need for traditional payment methods such as cash, checks, and bank account information. To transfer or receive money using a UPl-enabled mobile app linked to your bank account, simply input a unique Virtual Payment Address (VPA) or scan a QR code. India has experienced a substantial increase in the adoption of UPI, making digital payments more secure and convenient.