UPI Deposit Method
The Unified Payments Interface (UPI) is a system that integrates several bank accounts into a single mobile application (of any participating bank), combining different banking services, smooth fund routing, and merchant payments under one app.
It also handles “Peer to Peer” collect requests, which may be scheduled and paid according to need and convenience. It is easy, free, and quick. UPI allows you to do transactions 24 hours a day, 365 days a year. Currently, a single UPI transaction may transmit up to INR 1 lakh.
Through the UPI, the NPCI has built a strong payment infrastructure that allows for cashless and hassle-free payments. With the numerous payment app. Easy procedures to register and begin transacting, it is quite straightforward to learn and utilize.
The NPCI predicts that the number of Unified Payments Interface users would reach 500 million in a few years, implying that cashless transactions will increase at an exponential rate in India.