Introduced in , Unified Payments Interface is an instant real-time payment system facilitating inter-bank transactions. Developed by the National Payments Corporation of India NPCI , it is a system that powers multiple bank accounts into a single mobile application of any participating bank , merging several banking features, seamless fund routing,and merchant payments into one hood. There are multiple apps that offer this facility. Additionally, most bank applications are now offering UPI-enabled transactions on their apps. Customers can use any UPI-enabled app to link multiple bank accounts.
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The product was introduced in Since then, the UPI has become a convenient real-time payment tool. The RBI is responsible for technology regulation on mobile platforms. The solution transfers money between bank accounts using dedicated apps on mobile devices. Nowadays, financial institutions use UPI. As a matter of fact, until August , it processed about 1,
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Are we finally seeing the tide turn away from cash towards digital money? There are many reasons to hope for this, as digital systems can be used to reduce the opacity of cash, and to build a person's financial history, which will be an important tool for financial inclusion. And the change might be coming this year. The UPI can be thought of as a digital framework to do the same - the idea being that all financial instruments can be given a unique identity on the UPI, which can then be used to quickly and easily carry out online payments.