UPI is a system that powers multiple bank accounts into a single mobile application. What is the full form of UPI?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Unified Payments Interface.
The full form of UPI is Unified Payments Interface. It is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) that enables seamless money transfers between multiple bank accounts through a single mobile application. UPI allows users to send and receive money, pay bills, and make purchases instantly using a unique Virtual Payment Address (VPA) without needing to share bank details like account numbers or IFSC codes. It operates 24/7, providing a secure, quick, and convenient digital payment method widely adopted across India. UPI has transformed digital transactions by simplifying payments and enhancing financial inclusion.