BANKING AFFAIRS

Detailed explanation-1: -Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.

Detailed explanation-2: -NPCI approves the participation of Customer Banks, PSP, Third Party Application Providers (TPAP) and Prepaid Payment Instrument issuers (PPIs) in UPI. NPCI provides a safe, secure and efficient UPI system and network.

Detailed explanation-3: -Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts.

Detailed explanation-4: -Having multiple accounts means having to go through multiple account statements to ensure that all transactions are in order, keeping your contact information updated with all banks where you hold an account, and using the services offered by the account optimally. This can be time-consuming.

Detailed explanation-5: -You can add up to four UPI IDs for your bank account. You can have multiple UPI IDs for the same bank account. This lessens payment delays or failure and is secured by Google Pay.