United Payment Interface (UPI)
16th November, 2021 ENVIRONMENT AND ECOLOGY
Figure 3: No Copyright Infringement Intended
- The UPI payments system has cut across the Indian socio-economic digital divide amazingly fast.
- UPI is a single platform that merges various banking services and features under one umbrella.
- A UPI ID and PIN are sufficient to send and receive money.
- Real-time bank-to-bank payments can be made using a mobile number or virtual payment address (UPI ID).
- In 2020, UPI enabled commerce worth $457 billion, which is equivalent to approximately 15% of India’s GD
- UPI is an initiative taken by the National Payments Corporation of India (NPCI) together with the Reserve Bank of India and Indian Banks Association (IBA).
- NPCI is the firm that handles RuPay payments infrastructure, i.e. similar to Visa and MasterCard.