A Unified Payments Interface or UPI is the amalgamation of multiple bank transactions like merchant payments, bill payments and smooth fund transfers through a single application, in which banks participate.
#GPay #UPI #phonepe #paytm #onlinepayment
#GPay #UPI #phonepe #paytm #onlinepayment
An increasingly popular mode of transfer for money, it lets individuals or organisations make direct banking transactions using their UPI ID or Virtual Payment Address (VPA).
💵 Here Is How UPI Works
⭐ A user first registers on a payment app like Google Pay, Paytm or PhonePe
⭐ Once the user is registered, bank account(s) are linked to the app
⭐ The Virtual Payment Address (VPA) facilitates the transactions between the two parties
⭐ A user first registers on a payment app like Google Pay, Paytm or PhonePe
⭐ Once the user is registered, bank account(s) are linked to the app
⭐ The Virtual Payment Address (VPA) facilitates the transactions between the two parties
⭐ The whole process of fund transfer is simplified because of VPA, as complex information is converted to an address
⭐ The NPCI is responsible for this simplification for making the fund transfer
⭐ The NPCI is responsible for this simplification for making the fund transfer
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