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UPI Full Form is Unified Payment Interface
UPI stands for Unified Payment Interface. Unified Payment Interface (UPI) is a system that allows you to send and receive money instantly with the use of a mobile phone. With UPI, you can send money to anyone with a UPI-enabled bank account, regardless of which bank they use. You can also request money from anyone with a UPI-enabled bank account.
UPI is based on the Immediate Payment Service (IMPS) platform and uses your mobile phone number as your unique identifier. This makes it very convenient and easy to use, as you don’t need to remember any bank account details or IFSC codes.
To use UPI, you will need to download a UPI-enabled app on your mobile phone. Currently, there are many banks that have their own UPI apps, such as HDFC Bank, ICICI Bank, Axis Bank, and SBI. You can also use third-party apps such as BHIM, Google Pay, PhonePe, and Paytm.
Once you have installed the app of your choice, you will need to set up your UPI ID (also called Virtual Payment Address or VPA). This is similar to an email address and can be in the form of yourname@upi.
Once you have set up your UPI ID, you can start using UPI to send and receive money. To send money, you will need to enter the UPI ID of the person you want to send money to, along with the amount. The money will be instantly transferred to the recipient’s bank account.
To receive money, you will need to generate a QR code with your UPI ID or give your UPI ID to the sender. The sender will then enter your UPI ID and the amount they want to send. The money will be instantly transferred to your bank account.