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UPI ID, also known as Virtual Payment Address (or VPA), is a unique ID that allows you to use UPI. You can create your UPI ID by signing up with any of the UPI-enabled mobile apps (Apps) and using your bank details. The UPI is an quick payment system that was developed by the National Payments Corporation of India(NPCI), an RBI-regulated entity. UPI uses the IMPS to allow you to transfer money with instance between any two bank accounts.