How does UPI help me?

UPI is an online fund transfer/payment method similar to NEFT, RTGS or IMPS.

Every time you send or receive money online (using to NEFT, RTGS or IMPS), you have to share the bank account information i.e. Bank Name, Account Number, IFSC code etc.

With UPI, sharing the bank account detail is not required.

Using UPI you could create a unique ID for a bank account. This ID is called Virtual Payment Address (VPA). It's like a personalized email address which you share with anyone whom you would like to transact online. No need to share bank account details with UPI.

Example of VPA: rajivsingh916@icici

This unique code is linked with one of the bank accounts in the background. You have to share only VPA for transfer and not the whole bank account detail.

VPA is unique for each account. If you have 5 bank accounts on your name in the bank, you have to create 1 UPA for each account.