What is UPI? UPI Full Form in Banking

UPI full form is “Unified Payments Interface“. it is an instant real-time payment system which is developed by National Payments Corporation of India (NPCI).

NPCI ( National Payments Corporation of India ) is an organization for operating retail payments and settlement systems in India.

UPI interface is controlled by the RBI (Reserve Bank of India) and works by instantly transferring funds between two bank accounts on a mobile platform.

As of July 2020, there are 153 banks live on UPI and there are 153 banks live on UPI with a monthly volume of more than 1,308 million transactions. The mobile payment system helped transact a total of ₹17.29 lakh crore (US$240 billion).

What is UPI Full Form in Banking in Hindi

UPI full form “यूनिफाइड पेमेंट्स इंटरफेस” है। यह एक त्वरित रीयल-टाइम भुगतान प्रणाली है जिसे नेशनल पेमेंट्स कॉरपोरेशन ऑफ इंडिया (NPCI) द्वारा विकसित किया गया है।

NPCI (नेशनल पेमेंट्स कॉरपोरेशन ऑफ इंडिया) भारत में खुदरा भुगतान और निपटान प्रणाली के संचालन के लिए एक संगठन है।

UPI इंटरफ़ेस RBI (भारतीय रिजर्व बैंक) द्वारा नियंत्रित किया जाता है और मोबाइल प्लेटफ़ॉर्म पर दो बैंक खातों के बीच तुरंत धनराशि स्थानांतरित करके काम करता है।

जुलाई 2020 तक, UPI पर 153 बैंक हैं और 1,308 मिलियन से अधिक लेनदेन की मासिक मात्रा के साथ 153 बैंक UPI पर हैं। मोबाइल भुगतान प्रणाली ने कुल lakh 17.29 लाख करोड़ (US $ 240 बिलियन) का लेन-देन करने में मदद की।

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History of UPI

Unified Payments Interface (UPI) is developed by the National Payments Corporation of India (NPCI) and introduce as digital payment interface and launched by former Reserve Bank Governor Raghuram Rajan in April 2016.

UPI Full Form

On 16 August 2018, UPI 2.0 was launched which offers users to link their Overdraft accounts with a UPI handle. UPI 2.0 version included a new feature to view and store the invoice for the transactions

Benefits of UPI

So in the UPI full form topic, I am sharing some benefits of UPI, these benefits are listed below you can check

  • Instant Fund Transfer
  • Rewards and Cashbacks
  • One app with all accounts
  • Essay to USE
  • Free transaction
  • Better then payment wallets

So these are some main benefits of UPI

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How Does UPI Works

UPI is a real-time payment system that allows send or request money, UPI apps can be used and multiple bank accounts. you can send or request money with the following methods in UPI apps:

  • By using your unique UPI ID or VPA (Virtual Payment Address)
  • By Using Mobile Number
  • By Using Bank Account Number
  • By Using QR Code

So there are some methods to sand money in UPI.

UPI Apps List in India

As we know UPI is a real-time payment system that allows send or request money, it required an app client to sand money. So in the main topic “UPI full form” I am sharing the UPI apps list in India which supports the UPI feature. those apps are listed below you can check

  1. Paytm
  2. BHIM
  3. PhonePe
  4. Google Tez
  5. SBI Pay
  6. MobiKwik
  7. Airtel Payments Bank
  8. Paytm Payments Bank
  9. Uber
  10. iMobile
  11. Axis Pay
  12. BOB UPI
  13. Chillr

So these are some most popular UPI apps list in india.

UPI Full Form – FAQ

What is BHIM UPI Full Form

BHIM Stand for “Bharat Interface for Money“, it is a payment app that offers you makes quick and secure transactions using Unified Payments Interface (UPI).

Who Made UPI?

UPI is developed by the National Payments Corporation of India (NPCI) Check more about UPI Here

What is VPA Full Form?

VPA Full Form is “Virtual Payment Address“, you can Send or request money from bank account using VPA

Conclusion

So, I hope you know the full form of UPI, Benefits of UPI, history of UPI, UPI apps list in India, etc. if you think this article really helps you then comment you thought about UPI, thank you.

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