UPI’s key characteristics
- Faster than NEFT immediate fund transmission.
- UPI is accessible around-the-clock.
- Additionally, it is accessible on vacations.
- Each bank offers a unique UPI for several mobile operating systems, including Android and iOS.
- It can be used to pay utility bills and for payments to merchants.
- Any complaint may be submitted simply through a mobile app.
Unified Payments Interface (UPI) and its Challenges
A system called the Unified Payments Interface (UPI) combines several bank accounts. It makes easy fund routing, and merchant payments into a single mobile application (of any participating bank). Additionally, it supports “Peer to Peer” collect requests that may be planned and paid for according to need and convenience. It is an immediate real-time payment system that enables customers to transfer money between different bank accounts in real-time without disclosing personal information to the other party. The National Payments Corporation of India (NPCI), which is governed by the Reserve Bank of India (RBI) and IBA (Indian Bank Association), established the concept of UPI.