Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions.
The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.
What is UPI payment?
UPI or Unified Payments Interface is an immediate real-time payment system that helps in instantly transferring the funds between the two bank accounts through a mobile platform.Hence, UPI is a concept that allows multiple bank accounts to get into a single mobile application.
What is PSP in Upi?
A PSP (Payment System Player) in the UPI ecosystem is a certified and trusted entity that acts on behalf of a bank (in the future, should technically be open to non-banks as well who are authorized to hold deposits). The PSP is actually the technology platform provider.
How do I find my UPI ID?
To find your UPI ID:
- Open Google Pay .
- In the top left, tap your photo.
- Tap Bank account.
- Tap the bank account whose UPI ID you want to view.
- You will find the associated UPI ID under “UPI IDs”.
How do I register for UPI?
Create a BHIM / UPI ID
- Download the MobileBanking App.*
- *For Android users only.
- Click on the BHIM / UPI (icon on the bottom left of the screen)
- Set an App. PIN (6 Digit PIN)
- Register a BHIM / UPI ID of your choice Eg : abc@hdfcbank and link your Account.