Unified Payment Interface (UPI)

Founded: 2016
Founder: Reserve Bank of India
Headquarters: Mumbai, Maharashtra
Important Person: 1) Nandan Nilekani
2) Raghuram Rajan
Founder Company: National Payment Corporation of India
Slogan: Less Cash More Digital

ABOUT UPI

Unified Payments Interface ( UPI) is an architecture and a set of standard app APIs by RBI to facilitate the next generation online immediate payments leveraging trends such as increasing smartphone adoption and app downloads, Indian language interfaces, and universal access to Internet and data.

UPI was launched by National Payment Corporation of India with Reserve Bank of India's(RBI) vision of migrating towards a 'less-cash' and more digital society. NPCI has built on the Immediate Payment Service (IMPS) platform through which one could transfer money instantly by going online-by adding another layer that allows easy debit capability even on mobile phones.

USE OF UPI PAYMENTS

1)Paying to Cash on Deliveries.
2)Merchant transactions at Physical/e-commerce stores.
3)Making IMPS alike payments without the need of knowing Bank A/c or IFSC's.
4)Allows merchants cash settlements in real-time.
5)Pay utility Bills, insurance premiums.
6)Transfer Money to friends and relatives

PARTICIPATED BANKS

Presently 29 banks are partner of UPI system. Out of 29 banks, 15 banks are already integrated the interface into Smartphone Application.

These Banks are:
Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank.

RuPay

National Payment Corporation of India