UPI stands for Unified Payments Interface which is a real time payment system which was designed by National Payment Corporation of India. The interface is monitored by the RBI and can be used to transfer money from one bank account to another using mobile platforms.
With UPI, transferring money becomes as easy as sending a text message. There are several mobile applications that facilitate UPI transactions. Following are the methods that can be used to send money via UPI.
- Virtual Payment Address or UPI ID: You can send money to the account mapped to UPI ID.
- Mobile Number: You can send money to the account linked to the mobile number.
- QR Code: You can scan the QR code of another account and send money.
- Account Number & IFSC Code: Using the both, you can send money to the respective bank account.
- Aadhaar Number: You can send money to the Aadhaar number to which an account is mapped.
UPI transactions have increased quite significantly among the millennials. UPI facilitates bill payments, retail purchases, bank to bank transactions, etc.