What is the UPI payment that is used everywhere in India? An article explains it in detail:- www.deekpay.com

　　UPI Payments (Unified Payment Interface) is a real-time payment system developed by National Payments Corporation of India:

　　### UPI Payment Introduction

　　- **full name**: Unified Payment Interface (UPI)

　　- **Launch date**: 2016

　　- **Regulatory agency**: Reserve Bank of India

　　- **Functionality**: Aggregates most of the domestic banking channels and third party payment platform channels in India such as PhonePe, Paytm, BHIM app, etc.

　　- **Features**: Simplifies the payment process by consolidating cumbersome banking information into a single string ID for fast, instant payments.

　　### UPI Payment Features

　　- **Payment type**: Internet banking transfer

　　- **Supported currencies**: INR (Indian rupees), USD (United States dollars)

　　- **Suitable industries**: e-commerce, gaming, virtual, etc.

　　- **Arrival time**: Real-time arrivals

　　- **Minimum Single Limit**: 1 INR

　　- **Maximum Single Limit**: 30,000 INR

　　- **Whether the refusal to pay is supported**: Supported

　　- **Refusal fee**: 10 USD per transaction

　　- **Whether refunds are supported**: Supported

　　- **Refund handling fee**: 1 USD/stroke

　　- **Area/country coverage**: India

　　### UPI payment process

　　The process of UPI payments usually includes the following steps:

　　1. The user downloads and registers the UPI-enabled APP.

　　2. Enter your bank account number to register and verify the tied mobile phone number.

　　3. Set the UPI account and password.

　　4. Bind the bank account to UPI.

　　5. Use the UPI account number to make payments or transfers.

　　Below is a diagram of the UPI payment process:

　　

　　### Notes

　　- UPI payments are very popular in India and offer users a convenient and fast way to pay.

　　- Reprints of this article should be attributed to Payssion, a global provider of local payment services.

　　We hope this information helps you better understand UPI payments.