Unified Payments Interface

Digital payment system for inter-bank transfer in India

Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform. As of March 2019 there are 142 banks live on UPI with a monthly volume of 799.54 million transactions and a value of โ‚น1.334 trillion (US$19ย billion). UPI witnessed 1,029.44 crore transactions until August 2019. The mobile-only payment system helped transact a total of โ‚น17.29 lakh crore (US$240ย billion) during the 37 months of operation starting from 2016.

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