BANKING AFFAIRS

Detailed explanation-1: -UPSC Mains. Q. Which of the following methods can be used to send money over UPI? Notes: Money can be sent or requested over UPI by following methods: Virtual Payment Address (VPA) or UPI ID, Mobile number, Account number & IFSC, Aadhaar, QR code.

Detailed explanation-2: -The UPI mobile application, Paytm allow you to transfer money in multiple ways. Whether it is a mobile number, QR code, UPI ID, or account number-each of these methods is equally easy to use. Explained below is the process that you need to follow to transfer money through either of these methods.

Detailed explanation-3: -Features. UPI (Unified Payments Interface) application is a payment system that allows you to transfer money between any two parties. UPI Application allows customer to instantly transfer money to someone else using the IMPS payment framework, without having to know their bank account number or IFSC code.

Detailed explanation-4: -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.