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Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI). Here's how it works in short points:
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UPI allows users to transfer money between bank accounts instantly.
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To use UPI, users need to download a UPI-enabled mobile app from their bank or a third-party provider.
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Users can link multiple bank accounts to the UPI app and make transactions using any of them.
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UPI uses a unique identifier called a Virtual Payment Address (VPA) instead of bank account details for transactions.
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Users can also use UPI to pay bills, buy products online, and make other transactions.
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UPI works on a 24/7 basis and is available throughout the year.
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UPI transactions are highly secure and use two-factor authentication.
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UPI has simplified digital payments in India and has helped drive the growth of cashless transactions.
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