Introduced in 2016, Unified Payments Interface is an instant real-time payment system facilitating inter-bank transactions. Developed by the National Payments Corporation of India (NPCI), it is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing,and merchant payments into one hood.
Regulated under the guidelines of the Reserve Bank of India, the Unified Payments Interface was introduced to encourage “cashless transactions” in India. There are multiple apps that offer this facility. Additionally, most bank applications are now offering UPI-enabled transactions on their apps.
Some of the apps/banks that provide UPI payments are:
Customers can use any UPI-enabled app to link multiple bank accounts. Following methods may be used to collect or receive money:
For example, in the case of BHIM UPI, which is a government authorized application developed by NPCI itself, the limit per transaction is 20k and the limit per day is 40k.
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