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UPI Payment Gateway – The future of online payment

moontechnolabscom 1696 days ago on News

https://www.moontechnolabs.com - Recently there has been a lot of buzz happening in the Indian Banking and Finance sector. Next only to the Demonetization scheme announced by our PM Mr. Modi, the term that is garnering a lot of interest is the UPI Payment Gateway.
What exactly is it? How does it work, and how is it different from the various e-wallets we all have got used to? Let’s find out.
What is UPI?

Simply put, UPI stands for Unified Payment Interface. It is a payment method that facilitates the transfer of money between any two bank accounts using a smartphone. Initiated by the NPCI, with support from RBI, UPI enables different banks to interconnect and transfer funds.
Slated to be the next best payment method, it enables a customer to pay a merchant directly from his bank account, thereby eliminating the need for credit cards, OTP, PIN, Net banking or e-Wallets.

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