Quick Answer: What Is UPI Payment Method?

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

  1. Download the MobileBanking App.*
  2. *For Android users only.
  3. Click on the BHIM / UPI (icon on the bottom left of the screen)
  4. Set an App. PIN (6 Digit PIN)
  5. Register a BHIM / UPI ID of your choice Eg : abc@hdfcbank and link your Account.