|Founded||11 April 2016|
|Owner||National Payments Corporation of India|
Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.
UPI is built over Immediate Payment Service (IMPS) for transferring funds. Being a digital payment system it is available 24-7 and across public holidays. Unlike traditional mobile wallets, which takes a specified amount of money from user and stores it in its own accounts, UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested. It uses Virtual Payment Address (a unique ID provided by the bank), Account Number with IFS Code, Mobile Number with MMID (Mobile Money Identifier), Aadhaar Number, or a one-time use Virtual ID. A UPI-PIN (UPI Personal Identification number that one creates on the UPI app of the bank) is required to confirm each payment.
The transaction charges to be levied in UPI are left up to the banks as policy matter of individual banks thus a varied opinion exists among the bankers about imposing such charges. Many bankers feel that imposing transaction charges will hamper UPI adoption.
|Year||Transaction volume (millions)||Transaction value (billions, INR)|
The huge surge in UPI transactions in 2017–18 were largely due to launch of PhonePe, Paytm, Chillr and then Google Tez, UPI based payments applications. PhonePe came up with attractive cashback & referral offers & Google Tez with incentives for customers which led to greater adoption of UPI platform.
The website of National Payments Corporation of India lists the banks that facilitate UPI. Banks here are termed as Payment Service Providers (PSP) and issuers. PSP includes those banks which have their own mobile application to facilitate transaction and issuers include banks which don't have their payments interface and rely on third party software for transaction using UPI. The list of PSPs and Isssuers can be viewed here: UPI Live Members
None of the audio/visual content is hosted on this site. All media is embedded from other sites such as GoogleVideo, Wikipedia, YouTube etc. Therefore, this site has no control over the copyright issues of the streaming media.
All issues concerning copyright violations should be aimed at the sites hosting the material. This site does not host any of the streaming media and the owner has not uploaded any of the material to the video hosting servers. Anyone can find the same content on Google Video or YouTube by themselves.
The owner of this site cannot know which documentaries are in public domain, which has been uploaded to e.g. YouTube by the owner and which has been uploaded without permission. The copyright owner must contact the source if he wants his material off the Internet completely.