UPI has enabled the users to send/receive money instantly in real-time basis by using a Virtual Payment Address and a UPI PIN. It is one of the most popular payment systems in digital India for many reasons, one of which is that it is free of cost. However, discussions have been going around regarding UPI Charges. Let us find out more.
What is Unified Payments Interface (UPI)?
Created by the National Payments Corporation of India (NPCI) and regulated by the RBI, UPI is an instant payment system developed by over the IMPS structure. It permits the user to instantly send or receive payments between two parties.
- This system doesn’t require bank account number or other details while initiating transactions. Instead, it only uses a UPI PIN to carry out transactions
- UPI-PIN (UPI Personal Identification Number), which is a 4-6 digit passcode, is necessary for making transactions. It is created during your first time registration with a UPI App