The Unified Payments Interface (UPI) is a digital payment architecture rolled out by National Payments Corporation of India (NPCI) using advanced digital payment features with mobile phone as the main device.
According to the NPCI, “Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.”
Why the UPI is important in the national framework?
UPI’s overall importance comes from the intense desire and effort made by the RBI and the government to create a cost effective, simple and safe digital payment system that will be usable for the large population of the country.
