Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI) facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform With a UPI-enabled bank account, you can simply create a UPI ID (VPA - Virtual Payment Address) which can be used to send and transfer money. You can make real-time bank-to-bank payments and transact using your VPA.