India’s digital push through various mediums and reforms has taken the country in the direction of a cashless economy. One such digital advancement that has facilitated digital transactions the most is the UPI. The UPI full form is Unified Payments Interface. This is a 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. As of now, all banks operating in India have adopted UPI and most of them even provide their own version of the UPI app.