UPI or Unified Payments Interface is a mobile payment system that offers people a platform to instantly send and receive money using their smartphones. The payment system was launched by the National Payments Corporation of India (NPCI) and is controlled by the RBI Reserve Bank of India (RBI).
This fund transfer technology is designed to provide its users a faster, safer and hassle free way to make transactions from one account to another. Built on the Immediate Payment Service (IMPS) framework, the app offers safe transactions through a single identifier. This single identifier could be the beneficiary’s UPI ID, IFSC/ account number or MMID/ mobile number or Aadhaar number. The app saves its users from the need to re-enter bank details or other related information every time a transaction is initiated.
HDFC Bank UPI
The HDFC Bank is known to keep abreast with the changing technology and it is no surprise that the bank has too adopted the UPI payment system. The bank has integrated the UPI payment system into its existing mobile banking app – HDFC Bank MobileBanking. Now even the HDFC bank account holders can transfer their money conveniently and instantly to anyone, anytime and from anywhere across the country without having to re-enter the details of the beneficiary on each transaction.