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It is an advanced version of Immediate Payment Service (IMPS) which was used to transfer money between bank accounts. ? Like IMPS, UPI will facilitate round-the-clock funds transfer service. ? It works 24x7, 365 days, unlike RTGS or NEFT services which have specific working hours.

A Unified Payments Interface (UPI) is a smartphone application that allows users to transfer money between bank accounts. It is a single-window mobile payment system developed by the National Payments Corporation of India (NPCI).

Customers use their UPI-enabled apps to initiate transactions, providing recipient details, amount, and an optional note. The customer's app forwards the transaction request to their chosen PSP. The PSP acts as an intermediary in the transaction process.

Customers use their UPI-enabled apps to initiate transactions, providing recipient details, amount, and an optional note. The customer's app forwards the transaction request to their chosen PSP. The PSP acts as an intermediary in the transaction process.

The UPI, which stands for "unified payments interface," is a way to move money from one bank account to another using a single window. You can send or receive money or scan a quick response (QR) code to pay a person, a merchant, or a service provider to shop, pay bills, or authorize payments.

The Unified Payments Interface (UPI) is an instant payment system developed in India, by the National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.

Card companies like these are perhaps the main reason why the country can't have a system like UPI. Lobbying in the US is legal and they often lobby against any practices that might impact their revenue.