Known as UPI, it is one of the most popular payment methods in India. Major banks in the country accept UPI payments. This payment mode's primary purpose is to make payments as easy as possible by merging all bank accounts into one mobile application. RBI Governor Raghuram G Rajan initiated the UPI in Mumbai in 2016.
The UPI service allows users to transfer money between bank accounts at no cost using their mobile devices. In addition to using 2-factor authentication, it is also aligned with regulatory requirements and is a secure mode of payment. By using a virtual address, you are able to make payments without entering your credit card details. Paying for products and services using UPI has become popular with offline and online merchants. You may have heard of the payment method if you live in India.