{"id":575,"date":"2019-02-12T04:09:30","date_gmt":"2019-02-12T04:09:30","guid":{"rendered":"https:\/\/www.ixambee.com\/blog\/?p=575"},"modified":"2021-02-11T14:16:12","modified_gmt":"2021-02-11T08:46:12","slug":"full-form-of-upi-with-all-details","status":"publish","type":"post","link":"https:\/\/blog.ixambee.com\/full-form-of-upi-with-all-details","title":{"rendered":"Full Form of UPI with All Details"},"content":{"rendered":"

\u00a0<\/p>\n

\"Unified
Unified Payment Interface- Easier online payment<\/figcaption><\/figure>\n

What is UPI?<\/strong><\/h2>\n

UPI<\/b> stands for <\/span>Unified Payments Interface<\/b>. It is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. It was introduced on <\/span>11 April 2016<\/b>. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform. <\/span>Unified Payments Interface <\/b>(UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It is a real-time interbank payment system that allows sending or requesting money. <\/span><\/p>\n

How does UPI work?<\/b><\/h2>\n

There are several payment methods available in this digital era like IMPS, NEFT, RTGS etc. All of these take up your time or do not have some or the other facility. E.g. IMPS did not provide a smooth debit facility. Thus, <\/span>UPI <\/b>can be considered as an advanced version of IMPS.<\/span><\/p>\n

The interface will allow account holders across banks to send and receive money from their smartphones using just their Aadhaar unique identity number, mobile phone number or virtual payments address (VPA) without entering bank account details. The virtual address will allow you to send and receive money from multiple banks and prepaid payment issuers.<\/span><\/p>\n

Almost <\/span>30 banks <\/b>in the country are now UPI enabled, who provide this service to its customers. The banks can make use of this payment system by simply integrating it into the existing apps, or banks also have an option of developing an altogether new UPI app. There is also an option for the bank to be UPI enabled without developing its own app.<\/span><\/p>\n

Methods to transfer money through UPI:<\/b><\/h3>\n
\"UPI
UPI – Unified Payment Interface<\/figcaption><\/figure>\n

Any UPI client app may be used for the fund transfer and multiple bank accounts may be linked to a single app. Any UPI app can use payment and transfer fund <\/span>from<\/span><\/i> and <\/span>to<\/span><\/i> UPI enabled banks.<\/span><\/p>\n

Money can be sent or requested with the following methods –<\/span><\/p>\n