What is UPI and how does it works?

Unified Payments Interface (UPI) is a digital payment system in India that allows users to make and receive payments instantly using a mobile phone. It is operated by the National Payments Corporation of India (NPCI) and is available to individuals and businesses with a bank account in India.

Below, you can check out, status of UPI transaction (can do or not) in any particular branch by bank name, branch name or city.

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How does UPI Works?

To use UPI, you will need to download a UPI-enabled app, such as Google Pay or Paytm, and link your bank account to the app. You will also need to create a virtual payment address (VPA), which is a unique identifier that serves as your UPI ID. This can be in the form of an email address or a mobile number, and is used to send and receive payments using UPI.

To make a payment using UPI, you simply need to enter the recipient’s VPA or UPI ID and the amount you wish to transfer. The payment will be automatically debited from your linked bank account and credited to the recipient’s bank account. UPI payments can be made 24/7, and there is no need to provide sensitive bank account or card details to the recipient.

In addition to making payments, UPI also allows users to check their bank account balance, request and send money, and set up automatic recurring payments. It also offers additional features, such as the ability to pay bills, purchase goods and services online, and make donations.

UPI has become a popular payment method in India due to its convenience, speed, and security. It has helped to increase financial inclusion in the country by making it easier for individuals and businesses to access and use digital payment services.