UPI stands for Unified Payments Interface, an instant fund transfer service that allows you to send or receive money instantly via your mobile bank account. It allows you to send money through the phone’s internet connection and comes with additional features like push/pull transactions and additional data protection. In other words, UPI is a toll-free payment gateway that provides an easy and hassle-free payment system for businesses to collect payments from customers by instantly transferring them to the user’s bank account directly without making any extra efforts like filling forms, standing in queues etc.
Online payments simplified using UPI
UPI stands for Unified Payment Interface. It is an Indian payment system developed by National Payments Corporation of India (NPCI) to facilitate quick money transfers between two bank accounts on a mobile platform.
UPI, as an immediate real-time payment system, helps in transferring funds from one bank account to another through a mobile platform. It also allows multiple bank accounts to be added to a single mobile application. Some of its key features include:
- Instant fund transfer
- 100% digital usage
- 24 hours availability, even on holidays
- Unique UPI for different banks available for platforms like Android, iOS and Windows Phone
- Best suited for merchant payments and utility bill payments
What’s in UPI payments for your business?
It’s simple and effective to accept business-related payments
UPI stands for Unified Payment Interface. It is a payment service launched by the National Payments Corporation of India (NPCI) that allows customers to make instant interbank transactions using their mobile number, the payment credentials with the help of an official UPI app. The idea behind introducing UPI platform was to provide a uniform way of making payments in place of multiple options provided by different banks and banks owned by private entities.
It can help you grow your customer base
UPI stands for ‘Unstructured Personal Identifier’ and is a payment method used by the Indian government. It allows you to use your bank account as a virtual payment address, which can then be linked to another bank account or wallet. It works with QR code payment, which means that users can pay each other with just one click on their smartphones.
UPI is a real time payment interface developed by NPCI. It allows all account holders to send and receive money through their smartphones with a single identifier – the Virtual Payment Address (VPA) commonly known as the UPI ID – without needing any bank account information. Customers often do not need to know the IFSC code of the beneficiary or payer, bank account details, etc., and this allows the transaction to be quicker. So customers will make quicker transactions to their friends and merchants.
UPI stands for Unified Payments Interface, a mobile application that enables you to have access to all your bank accounts in one place on your smartphone. No more juggling between apps and websites or memorizing account numbers. This single gateway unlocks the power of multiple banks account wallets and facilitates quick transactions without compromising security.
