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BOB UPI Lite
Small UPI Payments with BOB Lite
UPI (Unified Payments Interface) is a real-time payment system developed by the National Payments Corporation of India (NPCI). It enables instant transfer of funds between bank accounts using a mobile platform. Here are some key points about UPI payments:
Instant Transfer: UPI allows instant money transfer between two bank accounts through mobile phones. It operates 24x7, including weekends and holidays.
Simple and Secure: UPI transactions are easy to initiate and secure. They require authentication using a PIN or biometric verification.
Multiple Bank Accounts: Users can link multiple bank accounts to a single UPI app. This allows flexibility in choosing which account to use for transactions.
Uses Virtual Payment Address (VPA): Instead of sharing bank account details, users create a unique VPA (e.g., username@bankname) linked to their bank account. This VPA is used to send and receive money.
Wide Acceptance: UPI is widely accepted across various merchants, billers, and e-commerce platforms in India. Many apps and services support UPI payments.
Transaction Limits: UPI transactions are subject to daily and per-transaction limits set by banks. These limits vary depending on the bank and the UPI app used.
Bill Payments and Services: Apart from peer-to-peer payments, UPI can be used for bill payments, merchant transactions (both online and offline), and to avail various services like mobile recharge, ticket booking, etc.
Interoperability: UPI is interoperable across different banks and UPI-enabled apps. This means users can send money from one bank's UPI app to another bank's UPI app seamlessly.
The popularity of UPI has grown significantly in India due to its convenience, speed, and ease of use for making digital payments.
