UPI, or Unified Payments Interface, is a real-time payment system in India that allows users to link multiple bank accounts to a single mobile application. It enables instant money transfers between banks using a mobile device with an internet connection. UPI has gained popularity for its simplicity, interoperability, and convenience, allowing users to make payments, pay bills, and even request funds.
A QR code is a two-dimensional barcode that can store various types of information, such as text, URLs, or other data. In the context of payments, QR codes are commonly used to represent payment information. Merchants generate QR codes containing details like their payment address or a link to their payment gateway. Users can scan these QR codes using their smartphones to initiate a payment or transfer funds quickly.
Credit and debit cards are plastic cards issued by financial institutions that allow users to make electronic transactions. Both card types are linked to a bank account, but they differ in functionality. Debit cards directly deduct funds from the user's bank account, while credit cards provide a line of credit that users can borrow against.