What is UPI? How UPI Works? What Are India’s Top 5 UPI Payment Apps? We Answer All your Questions
In an era where convenience and speed are paramount, India has embraced the Unified Payments Interface (UPI) with open arms, making it a preferred choice for digital transactions.
Moreover, the UPI payment system has been expanding to other nations beyond India as well. However, what is the UPI and how does it work and how many options do Indians have. We answer all your questions in our latest deep dive into the Unified Payments Interface.
What is UPI? How Does UPI Work?
Unified Payments Interface (UPI) is a real-time payment system in India that enables instant money transfers between bank accounts through mobile devices. Users link their bank accounts to a UPI-enabled app, creating a unique UPI ID.
To initiate a transaction, users enter the recipient’s UPI ID, select the amount, and authorize the payment with a secure PIN. UPI operates 24/7, allowing seamless and instant fund transfers, bill payments, and more.
It leverages the Immediate Payment Service (IMPS) infrastructure and is facilitated by the National Payments Corporation of India (NPCI). UPI has streamlined digital payments, providing a convenient and interoperable platform for users across various banks and financial institutions. Now, let us have a look at the best UPI payment apps below:
Google Pay (GPay)
Google Pay, initially launched as Tez, quickly rose to prominence in the Indian market due to its user-friendly interface and the trust associated with the Google brand. It works with all central banks and is known for its secure transactions.
One of its standout features is the rewards system, which keeps users engaged by offering scratch cards and cashback on transactions. These scratch cards can reveal cashback or vouchers from various brands, incentivizing users to make more transactions via the app.
