UPI full form is Unified Payment Interface. Basically UPI is designed to transfer the money within a few seconds through smartphone. So UPI is called as instant real time payment system that allows to transfer money from one bank account to another through mobile interface.
Unified Payment Interface (UPI full form) is designed by National Payment Corporation (NPC) that allows all the banks to join a single payment interface through a single mobile application. This UPI is guided and supervised by Reserve Bank of India (RBI) and Indian Bank Association (IBA).
Now-a-days UPI is used by millions of people across the country not only to transfer money but also to pay bills. Electricity bill, LPG cylinder bill, Insurance Payment, Credit Card Bill Payment and many more things .
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Now Phonepe is providing a simple bank aggregator interface which allows customers to see the bank passbook through their UPI bank accounts. One can visit the PhonePe’s account profile to find out the above.
The people who want to use the UPI account must follow these steps ;
There are several benefits of using UPI these are given below
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