UPI

India’s instant payment system reshaping digital commerce

Overview

UPI (Unified Payments Interface) is a real-time payment system developed by the National Payments Corporation of India (NPCI). It enables instant fund transfers between bank accounts using a mobile device. UPI is unique in that it allows users to link multiple bank accounts to a single mobile app and conduct seamless peer-to-peer and merchant transactions. Its growth has been accelerated by the adoption of QR-code payments and the integration of major apps like Google Pay, PhonePe, and Paytm

Key Services / Solutions

UPI supports instant peer-to-peer money transfers, merchant payments via QR codes, recurring payments through UPI AutoPay, and cross-platform interoperability across banks and mobile applications. It also enables features like bill payments, donations, and government-related services within the same system. With UPI Lite and UPI 123PAY, the platform is expanding access to feature phone users and microtransactions

Supported Payment Methods

Bank-to-bank transfers via UPI ID or phone number

QR-code based merchant payments

UPI AutoPay for subscriptions and recurring payments

Integration with third-party apps such as Google Pay, PhonePe, Paytm, and BHIM

Emerging support for international transactions in select corridors

Target Markets / Regions

UPI is primarily used in India, where it has become the dominant digital payments method. It processes billions of monthly transactions and has significantly reduced reliance on cash. International expansion is underway, with partnerships in countries like Singapore, the UAE, France, and the UK to allow cross-border UPI payments

Strengths / Differentiators

Real-time and 24/7 bank-to-bank transfers

Low transaction costs compared to cards and wallets

Universal acceptance across banks and apps within India

Mass adoption driven by QR-based merchant payments

Strong government and regulatory backing through NPCI and the Reserve Bank of India

Expanding international partnerships for cross-border payments

Want to know more about UPI?
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