The National Payments Corporation of India (NPCI) developed the Unified Payment Interface (UPI), a system that facilitates real-time transfers between accounts, banks, and merchant accounts using mobile devices. upi limit per day streamlines bank-to-bank payments, offering a user-friendly payment solution that has gained substantial popularity and is widely regarded as India's preferred payment system.

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Now, let's discuss the concept of a Prepaid Payment Instrument (PPI) within the UPI framework. A Prepaid Payment Instrument, or PPI, in the context of UPI, refers to various wallets that allow individuals to store money and conduct online transactions. These PPIs encompass diverse forms, including wallets, smart cards, preloaded gift cards, vouchers, and magnetized chips.

Payments using PPIs are initiated when a transaction is carried out through a wallet like PhonePe wallet, which involves scanning a UPI QR code. Other examples of such wallets include Paytm wallets, SODEXO vouchers, Amazon Pay, and Freecharge wallets.