UPI is a payment system that allows users to link multiple bank accounts to a single smartphone app to transfer funds without needing account numbers or IFSC codes. It offers instant payments through a virtual payment address with authentication using the mobile phone and a 4-6 digit PIN. UPI aims to simplify online payments with a single interface across all NPCI systems while improving security by eliminating the need to share sensitive bank details with others.

4. What is UPI
 The unified payments interface (UPI) offers an architecture and a set of
standard application programming interface (API) specifications to facilitate
online payments. It aims to simplify and provide a single interface across all
NPCI systems besides creating interoperability and superior customer
experience.
 Instant “pay” (push) and “collect” (pull) using single click two factor
authentication where mobile is first factor (what you have) and MPIN/
biometrics (what you know/are) as second factor.
Ability to use virtual payment addresses(VPA), thus eliminating the need to
provide sensitive account information to merchants or other individuals.

6. UPI PIN
A upi pin is a unique 4 or
6-digit code or password
that you need to set for
each bank account to
enable UPI payment on
any app. You will need to
enter your UPI PIN on the
phonepe app for any
payments you wish to
make through UPI.

7. ! !

8. Unified payments
interface (UPI) is a
payment system that
allows users to link more
than one bank account
in a single smartphone
app and make fund
transfers without having
to provide IFSC code or
account number

9. No need for
asking
account
details
One can also
raise payment
requests
Expected that
even merchants
and companies
will widely use
this platform.

11. Here are the advantages of UPI transaction.
• Easy and safe
•It’s secure platform
•No need to add details of a payee
•24 7 fund transfers – without IFSC codes.
•Can link multiple bank accounts to the platform.
•Fast & free-of-charge transactions.
•A high upper limit of daily transaction
•Users can use different bank accounts
•Great help to avoid the hassle of carrying cash

12. Delay in payments due to network or bank server issues
Deducted money can take up to 48 to be credited again
Only 6 digit PIN may not be strong enough

13. Through the UPI, the NPCI has built a strong
payment infrastructure that allows for cashless
and hassle – free transactions. With the numerous
payment applications and easy procedures to
register and begin transactions, it is quite
straightforward to learn and utilize. This article
served as an overview of UPI payment
applications.