Unified Payments Interface
About Unified Payments Interface
The Unified Payments Interface was launched by the National Payments Corporation of India in April 2016. UPI allows instant transfer of money between bank accounts using a mobile phone. UPI is free for users and processes transactions in real time, 24 hours a day. UPI transaction volume grew from 100,000 per month in 2016 to over 14 billion per month by 2024. UPI transformed the Indian digital economy, bringing hundreds of millions of people into digital payments. UPI has been exported to countries including Singapore, UAE, and France. The success of UPI inspired similar systems including Pix in Brazil and FedNow in the US. UPI is considered the most successful digital payment innovation in a developing country.
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