Unified Payment Interface
Jump to navigation
Jump to search
An Unified Payments Interface (UPI) is a instant real-time payment system.
- AKA: Unified Payments Interface.
- See: Payment System, Instant Payment, Peer-to-Peer Transaction, Immediate Payment Service.
References
2023
- (Wikipedia, 2023) ⇒ https://en.wikipedia.org/wiki/Unified_Payments_Interface Retrieved:2023-5-19.
- Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on Mobile devices to instantly transfer funds between two bank accounts. The mobile number on the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money. It runs as an open source application programming interface (API) on top of the Immediate Payment Service (IMPS), and is regulated by the Reserve Bank of India (RBI). Banks have started depositing their UPI-enabled apps on the Google Play store from August 25, 2016. It is considered as one of the most successfull payment systems in the world, in terms of number of user adoption, volume of transactions and the number of transactions. As of November 2022, the platform has over 300 million monthly active users in India. The proportion of UPI transactions in total volume of digital transactions grew from 23% in 2018–19 to 55% in 2020–21 with an average value of ₹1,849 per transaction. It enabled over 2,348 transactions every second in 2022. As of September 2022, there were 358 banks available on the platform with a monthly volume of 6.7 billion transactions and ₹11.16 trillion (US$140 billion) in value. In FY 2023, the value of annual transactions reached $1.7 trillion out of which $380 billion is in merchant payment.