The convenience of Unified Payments Interface

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The convenience of Unified Payments Interface
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• You may have come across a number of jargons
  revolving around money transfers such as IMPS,
  NPCI, and UPI. Among all these, UPI is one of the
  much talked about apps. It is called as the
  Unified Payments Interface which is a system of
  making payments similar to a mobile wallet or a
  cheque. This particular app can be operated
  between any bank. This means that you are not
  required to hold an account with a single bank in
  order to use it. The credit for this goes to
  NPCI, i.e. National Payments Corporation of India
  which has made the system interoperable between
  banks.

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• With the help of the UPI system, you can transfer
  money to anyone, be it to family, to make
  purchases online, to send rent to your landlord,
  etc. The application is based on IMPS, i.e.
  Immediate Payment Service is also used for net
  banking. Through UPI, there is instant transfer
  of money from one bank account to another in a
  secure manner. UPI system is very different from
  the regular modes of money transfer such as NEFT
  and RTGS, mainly on the basis of the time.
  Therefore, you no longer have to be dependent on
  these and can simply transfer money through the
  UPI app.

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• The UPI encompasses all the major banks of India
  which include Yes Bank, Vijaya Bank, South Indian
  Bank, Punjab National Bank, United Bank of India,
  UCO Bank, Union Bank of India, Karnataka Bank,
  Oriental Bank of Commerce, TSJB Sahakari Bank,
  Federal Bank, ICICI Bank, Catholic Syrian Bank,
  Bhartiya Mahila Bank, Canara Bank, Axis Bank,
  Andhra Bank, DCB Bank, and others. You can
  download any of the UPI apps which are available
  on Google Play Store. One of the biggest
  advantages of using the UPI app is that you do
  not have to depend upon bank timings to transfer
  money as it is at your disposal 24x7. 

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Watch this video to know more
Know more at https//www.axisbank.com/axispay-up
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