What is Unified Payments Interface (UPI) system? How is it different from the prevailing funds transfer systems? Discuss its potential to change the payments landscape in India, with special reference to financial inclusion.

UPI is a payment system that allows money transfer between any two bank accounts by using a smart phone.
UPI allows a customer to pay directly from a bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.
How safe is UPI?
It is safe as the customers only share a virtual address and provide no other sensitive information.
What kind transactions can be performed via UPI?
Merchant payments, remittances, bill payments among others.
Is there a per transaction limit?
The per transaction limit is Rs.1 lakh.
How exactly does one make a payment transaction?
A user can make an in-app payment for goods or services purchased online.
For instance a site allows purchase of a movie-on-demand.

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