Unified Payments Interface (UPI)

Why in News?

UPI completed 10 years.

Developed By

• National Payments Corporation of India (NPCI)

Regulator

• Reserve Bank of India (RBI)

Features

• Instant payment
• Real-time settlement
• Virtual Payment Address (VPA)
• Interoperability
• 24×7 payment

India Stack

UPI is part of India Stack built on:

• Aadhaar
• Jan Dhan
• Mobile

(JAM Trinity)

Digital Public Infrastructure (DPI)

Consists of:

• Digital Identity
• Digital Payments
• Data Exchange

Important Terms

VPA

No need to share:

• Account Number
• IFSC

UPI Lite

Small-value offline/on-device transactions.

UPSC Value Addition

• Financial Inclusion
• Digital Economy
• Cashless Payments
• Ease of Doing Business

Prelims Facts

✔ Developed by NPCI

✔ Regulated by RBI

✔ Works directly between bank accounts