UPI

  • February 18, 2022
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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UPI

TOPIC: Economy

Context- Nepal to become first country to deploy India’s UPI platform.

Concept-

Unified Payments Interface (UPI):

  • NPCI launched UPI with 21 member banks in 2016.
  • It is an advanced version of Immediate Payment Service (IMPS)- round–the-clock funds transfer service to make cashless payments faster, easier and smoother.
  • 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 head.
  • UPI is currently the biggest among the National Payments Corporation of India (NPCI) operated systems including National Automated Clearing House (NACH), Immediate Payment Service (IMPS), Aadhaar enabled Payment System (AePS), Bharat Bill Payment System (BBPS), RuPay etc.
  • The top UPI apps today include PhonePe, Paytm, Google Pay, Amazon Pay and BHIM.
economy UPI