India is going digital with various mediums and reforms being launched to make the country a cashless economy. One such digital advancement launched recently in India is the introduction of UPI. The UPI full form is Unified Payments Interface. This is a new mode of payment where one can actually send money from the smartphone at any point of time from any place. In a way, you can say that your smartphone also acts as a virtual mode of payment like a debit card. Another important fact is that you can use this app to send and receive funds in an instant.
The UPI app was launched in Jan 2016 and was adopted by only a handful of national banks initially. Within a span of a year, all banks realized the immense potential it holds and hence went ahead to their own version of the UPI app.
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