What is a UPI transaction?
Understand the Problem
The question is asking for an explanation of what a UPI (Unified Payments Interface) transaction is, likely seeking to understand how it works and its significance in digital payments.
Answer
UPI is a real-time payment system in India for transferring money via mobile.
Unified Payments Interface (UPI) is a real-time digital payment system in India that allows instant money transfers between bank accounts through a single mobile application. Developed by the National Payments Corporation of India, it combines multiple banking features and allows for easy merchant payments.
Answer for screen readers
Unified Payments Interface (UPI) is a real-time digital payment system in India that allows instant money transfers between bank accounts through a single mobile application. Developed by the National Payments Corporation of India, it combines multiple banking features and allows for easy merchant payments.
More Information
UPI transactions are gaining popularity due to their convenience, offering a simple way to manage multiple bank accounts through a single app on a smartphone. It supports everyday transactions like paying utility bills, merchant payments, and fund transfers.
Tips
Confusing UPI with other digital wallets can be a mistake, as UPI is an interface, not a standalone app. It is part of participating bank apps.
Sources
- Unified Payments Interface (UPI) - Cashless India - cashlessindia.gov.in
- Unified Payments Interface - Wikipedia - en.wikipedia.org
- What is UPI in India and how does it work? | EBANX - ebanx.com
AI-generated content may contain errors. Please verify critical information
