UPI (Unified Payment Interface):-

       A Unified Payment Interface (UPI) is an instant real time payment system which allows users to transfer money between two bank accounts on a mobile. It was developed by National Payments Corporation of India facilitating inter-bank transactions. To carry out any transaction, a user will only have to use a virtual address, known as a Virtual Payment Address (VPA). UPI has been developed by the National Payments corporation of India (NPCI) and is regulated by the Reserve Bank of India (RBI).

       The pilot project launch was on 11^th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Per day transaction limit is up to Rs. 1 lakh.

       It offers instant money transfer via mobile device 24×7 for all 365 days.