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UPI Full Form in Banking

Unified Payment Interface (UPI)

The full form of UPI is Unified Payment Interface. UPI is an instant real-time payment system developed by National Payments Corporation of India (NPCI) facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform. UPI was launched in 2016. It is simple, free of charge and instantaneous.

What is UPI in Banking?

UPI is a single platform that merges various banking services and features under one umbrella. A UPI ID and PIN are sufficient to send and receive money. Real-time bank-to-bank payments can be made using a mobile number or virtual payment address (that reads something like [email protected]). It is simple, free of charge and instantaneous. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.

Diffrence between NEFT, RTGS, IMPS & UPI

DescriptionNEFTRTGSIMPSUPI
Full-FormNational Electronic Fund TransferReal-Time Gross SettlementImmediate Mobile Payment ServiceUnified Payment Interface
Regulated byRBIRBINPCINPCI
Settlement TypeHalf Hourly BatchesImmediate SettlementImmediate SettlementImmediate Settlement
Minimum TransferRs.1Rs.2 lakhRs.5Rs.1
Maximum TransferNo LimitNo limitRs.2 lakhRs. 1 lakh
Payment optionsOnline and OfflineOnline and OfflineOnlineOnline
TimingsIn Batches- 24/7Weekdays: 9:00 AM – 4:30 PM24/7, 365 days24/7, 365 days
ChargesNo ChargesCharges differ with bank and amountDifffersNO charges

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