UNIFIED PAYMENTS INTERFACE - A tool for seamless, instant payment
Unified Payment Interface or UPI is the new boy in the payments markets and it has the makings of a blockbuster. The biggest draw for UPI is its power to make payments seamless and instantaneous by requiring the payee to only remember a virtual payment address (VPA), much like sending an email.
What is UPI
UPI has been launched by National Payments Corporation of India (NPCI) to further RBI’s vision of migrating towards a 'less-cash' and more digital society. The UPI ecosystem functions with three key sets of players: