How does UPI work? Explain with an example.

UPI enables fast, secure digital fund transfers. For example, when Kumar buys vegetables from Piyush, he scans Piyush's QR code using a payment application, enters his UPI PIN and amount. The application sends a payment request to Kumar's bank, which forwards it to NPCI. NPCI verifies the PIN, processes the transfer, and funds reach Piyush's bank account instantly, making transactions effortless and cashless.