UPI (Unified Payment Interface) is a payment system which was introduced in 2016. A product of the National Payments Corporation of India, UPI allows the transfer of funds between bank accounts without the need for exchanging bank account details.
UPI also brings together several banking features into one place, while facilitating added advantages like sending collect requests, checking account balance, and more.
What we like about UPI India
- 24 x 7 availability
- Unified payments interface UPI offers can be used to link multiple bank accounts into a single UPI app
- No need to share any credentials thanks to the use of Virtual ID
- Ability to raise complaints on any transaction through the UPI app – like PayTM
What we dislike about UPI India
- UPI transactions are only capable of supporting up to Rs 1 lakh/transaction