UPI stands for Unified Payment Interface (UPI). It allows instant transfer of money from one bank account to another via a mobile phone. Payments can only be made through the app on the mobile device. In addition to online mode, UPI can also use the dial option *99# for non-internet mobile devices (smart phones and basic phones), called USSD 2.0.
Some commonly used applications that provide payment through UPI are BHIM developed by NPCI, and some private players, such as Paytm, PhonePe, Google Pay, Amazon Pay, etc.
To use UPI, you must have a bank account with a member bank, that is, your bank should allow you to use UPI tools. Some member banks include the State Bank of India (SBI), HDFC Bank and ICICI Bank.
At the same time, your mobile number must be registered in your bank account for verification.
According to the National Payment Corporation of India (NPCI), the main services provided under the *99# service include sending and receiving funds from an interbank account to an account, balance inquiry, setting/changing UPI PIN, and other hosting services. *99# The service is currently provided by 41 leading banks and all GSM service providers, and can be accessed in 12 different languages, including Hindi and English.
News Soource : The Economic Time
