The convenience of Unified Payments Interface

You may have come across a number of jargons revolving around money transfers such as IMPS, NPCI, and UPI. Among all these, UPI is one of the much talked about apps. It is called as the Unified Payments Interface which is a system of making payments similar to a mobile wallet or a cheque. This particular app can be operated between any bank. This means that you are not required to hold an account with a single bank in order to use it. The credit for this goes to NPCI, i.e. National Payments Corporation of India which has made the system interoperable between banks.

With the help of the UPI system, you can transfer money to anyone, be it to family, to make purchases online, to send rent to your landlord, etc. The application is based on IMPS, i.e. Immediate Payment Service is also used for net banking. Through UPI, there is instant transfer of money from one bank account to another in a secure manner. UPI system is very different from the regular modes of money transfer such as NEFT and RTGS, mainly on the basis of the time. Therefore, you no longer have to be dependent on these and can simply transfer money through the UPI app.

The UPI encompasses all the major banks of India which include Yes Bank, Vijaya Bank, South Indian Bank, Punjab National Bank, United Bank of India, UCO Bank, Union Bank of India, Karnataka Bank, Oriental Bank of Commerce, TSJB Sahakari Bank, Federal Bank, ICICI Bank, Catholic Syrian Bank, Bhartiya Mahila Bank, Canara Bank, Axis Bank, Andhra Bank, DCB Bank, and others. You can download any of the UPI apps which are available on Google Play Store. One of the biggest advantages of using the UPI app is that you do not have to depend upon bank timings to transfer money as it is at your disposal 24x7. 

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Know more at: https://www.axisbank.com/axispay-upi-app