UPI stands for Unified Payment Interface. It is an online instant payment system

How does UPI Function?

UPI converts your bank accounts identity into a unique UPI ID. Each bank may have different UPI ID and you may choose which one to use to receive or make payments. 

How does UPI help us?

We don’t need to remember our or receivers’ bank details every time we want to make a payment and it also allows for payment across various banks within an instant.