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What is UPI (Unified Payments Interface)? | Details on UPI | Why UPI is a game changer?
What is UPI (Unified Payments Interface)? | Details on UPI | Why UPI is a game changer?
Published: 2016/08/31
Channel: Yadnya Investment Academy
What is UPI? Unified Payment Interface Explained #DigitalIndia
What is UPI? Unified Payment Interface Explained #DigitalIndia
Published: 2016/11/30
Channel: Technical Guruji
[SOLVED] What is UPI? Unified Payment Interface Explained #Digitalindia
[SOLVED] What is UPI? Unified Payment Interface Explained #Digitalindia
Published: 2016/12/03
Channel: SidTalk
What’s the big deal about Unified Payments Interface
What’s the big deal about Unified Payments Interface
Published: 2016/04/12
Channel: FactorDaily
Unified Payments Interface
Unified Payments Interface
Published: 2017/07/13
Channel: Reserve Bank of India
UPI : Unified Payments Interface
UPI : Unified Payments Interface
Published: 2016/10/03
Channel: objrevs
How UPI (Unified Payments Interface) works? | How to get started with UPI?
How UPI (Unified Payments Interface) works? | How to get started with UPI?
Published: 2016/09/03
Channel: Yadnya Investment Academy
21 Banks Now On Unified Payments Interface
21 Banks Now On Unified Payments Interface
Published: 2016/08/25
Channel: CNBC-TV18
Unified Payments Interface is available for customers of 21 Banks
Unified Payments Interface is available for customers of 21 Banks
Published: 2016/08/25
Channel: DD News
What is UPI & How to use Unified payment Interface for digital payment
What is UPI & How to use Unified payment Interface for digital payment
Published: 2016/12/23
Channel: Digital Spot
How the unified payment interface will change mobile payments
How the unified payment interface will change mobile payments
Published: 2016/04/11
Channel: Mint
UPI/Future Of Payments/Unified Payments Interface/what is UPI / BHIM
UPI/Future Of Payments/Unified Payments Interface/what is UPI / BHIM
Published: 2016/11/25
Channel: Parakh
Unified Payments Interface (UPI):  New mode of Transaction
Unified Payments Interface (UPI): New mode of Transaction
Published: 2016/08/31
Channel: My Growing India
What is Unified Payment Interface
What is Unified Payment Interface
Published: 2016/04/11
Channel: CNBC Awaaz
Most important MCQ questions of UPI ( Unified Payment Interface )
Most important MCQ questions of UPI ( Unified Payment Interface )
Published: 2017/11/13
Channel: Competition Craze
What is UPI ? UPI Explained in Hindi
What is UPI ? UPI Explained in Hindi
Published: 2016/12/06
Channel: Simple Tricks
What is UPI ? Unified Payment Interface | Paytm Wallet को अब भूल जाओ | Must Watch| Modi
What is UPI ? Unified Payment Interface | Paytm Wallet को अब भूल जाओ | Must Watch| Modi's Idea
Published: 2016/12/18
Channel: Tech Learn
A Basic Understanding of UPI (Unified Payment Interface) & How it works: By CA Pankaj Jain
A Basic Understanding of UPI (Unified Payment Interface) & How it works: By CA Pankaj Jain
Published: 2016/12/14
Channel: Modi Schemes: By CA Pankaj Jain
UPI/Future Of Payments/Unified Payment Interface/what is UPI
UPI/Future Of Payments/Unified Payment Interface/what is UPI
Published: 2016/12/01
Channel: ImSambhaji Choudhary
What is UPI - Unified Payment Interface?
What is UPI - Unified Payment Interface?
Published: 2016/12/17
Channel: Target GS
How to use upi payment app Hindi Video Tutorial,UPI application
How to use upi payment app Hindi Video Tutorial,UPI application
Published: 2016/12/14
Channel: Crypto Hindi Support
Unified Payment Interface (UPI) Goes Live | Startup Central
Unified Payment Interface (UPI) Goes Live | Startup Central
Published: 2016/08/26
Channel: ET NOW
Unified Payment Interface(UPI) _Marathi
Unified Payment Interface(UPI) _Marathi
Published: 2017/07/12
Channel: ncfeindia
UPI - Unified Payments Interface - SBI Pay
UPI - Unified Payments Interface - SBI Pay
Published: 2016/12/18
Channel: Tech Nexus 4U
UPI App How to Use It! Setup Configure Usage! Unified Payment Interface(UPI) in SBI Bank
UPI App How to Use It! Setup Configure Usage! Unified Payment Interface(UPI) in SBI Bank
Published: 2016/11/28
Channel: The Omniscient
ET news on Unified Payment Interface
ET news on Unified Payment Interface
Published: 2015/02/26
Channel: NPCI
Unified Payment Interface : De-mystified
Unified Payment Interface : De-mystified
Published: 2016/10/02
Channel: Ns Toor
All you need to know about UPI (Unified Payment Interface)
All you need to know about UPI (Unified Payment Interface)
Published: 2016/09/30
Channel: Elearnmarkets.com
UPI | Unified payment interface | यू. पी. आई.|
UPI | Unified payment interface | यू. पी. आई.|
Published: 2018/03/27
Channel: Banker's Digest
[Hindi] The best UPI (Unified Payment Interface) app for SBI,  ICICI, HDFC and all other banks
[Hindi] The best UPI (Unified Payment Interface) app for SBI, ICICI, HDFC and all other banks
Published: 2016/12/01
Channel: Technology Bhakta
How To Set Up Unified Payments Interface (UPI) on Your Smartphone | BGR India
How To Set Up Unified Payments Interface (UPI) on Your Smartphone | BGR India
Published: 2016/11/28
Channel: BGRIndia
Unified Payment Interface (UPI) Explained  In Hindi / हिन्दी
Unified Payment Interface (UPI) Explained In Hindi / हिन्दी
Published: 2016/04/12
Channel: Tech Dunya
Digital Pyaments: All you need to know about Unified Payments Interface (UPI)
Digital Pyaments: All you need to know about Unified Payments Interface (UPI)
Published: 2016/12/21
Channel: Digital India
What is UPI (Unified Payment Interface) ?[HINDI]
What is UPI (Unified Payment Interface) ?[HINDI]
Published: 2016/09/04
Channel: ProductWar
Digital India: Unified Payments Interface (UPI) explained
Digital India: Unified Payments Interface (UPI) explained
Published: 2017/07/10
Channel: Digital India
Unified Payment Interface(UPI) _Telugu
Unified Payment Interface(UPI) _Telugu
Published: 2017/07/12
Channel: ncfeindia
[Gujarati Video] What is UPI(Unified Payment Interface) | UPI App explained | Digital Payment System
[Gujarati Video] What is UPI(Unified Payment Interface) | UPI App explained | Digital Payment System
Published: 2016/12/13
Channel: How To Gujarati
[SOLVED] What is UPI? Unified Payment Interface Explained #Digitalindia
[SOLVED] What is UPI? Unified Payment Interface Explained #Digitalindia
Published: 2018/01/04
Channel: Indian Therapy
Unified Payments Interface (UPI)
Unified Payments Interface (UPI)
Published: 2016/12/25
Channel: Govt Jobs Academy
Unified Payment Interface Launch - Raghuram Rajan & CNBC TV18
Unified Payment Interface Launch - Raghuram Rajan & CNBC TV18
Published: 2016/07/05
Channel: Mypoolin Team
BES171/Banking Transaction#3: BHIM, UPI, IMPS, USSD, NPCi & Mobile Banking API in India
BES171/Banking Transaction#3: BHIM, UPI, IMPS, USSD, NPCi & Mobile Banking API in India
Published: 2017/02/25
Channel: Mrunal Patel
Clear Explanation About Unified Payments Interface (UPI) In Telugu
Clear Explanation About Unified Payments Interface (UPI) In Telugu
Published: 2016/09/24
Channel: competitive exams library
All About Unified Payment Interface & How Do UPI Function ?
All About Unified Payment Interface & How Do UPI Function ?
Published: 2016/12/01
Channel: India Today
Is UPI (Unified Payment Interface) the next big thing in Banking?
Is UPI (Unified Payment Interface) the next big thing in Banking?
Published: 2016/04/15
Channel: CNBC-TV18
Unified Payment Interface (UPI) - HDFC Bank
Unified Payment Interface (UPI) - HDFC Bank
Published: 2017/03/03
Channel: MyGov India
Mobile Wallets & Unified payment Interface by NPCI
Mobile Wallets & Unified payment Interface by NPCI
Published: 2016/05/10
Channel: Gamereviews
How to start using Unified Payments Interface(UPI) in 2 minutes: A practical demo
How to start using Unified Payments Interface(UPI) in 2 minutes: A practical demo
Published: 2016/12/01
Channel: Chaitanya waichal
What is unified payment interface | how to use UPI
What is unified payment interface | how to use UPI
Published: 2016/12/01
Channel: Tech Table
Unified Payment Interface (UPI) | App Based Wallet For Payments | V6 News
Unified Payment Interface (UPI) | App Based Wallet For Payments | V6 News
Published: 2016/11/23
Channel: V6 News Telugu
What  is UPI? Explain - Unified Payment Interface | NPCI [Hindi]
What is UPI? Explain - Unified Payment Interface | NPCI [Hindi]
Published: 2017/10/27
Channel: QUICK SOLUTION
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WIKIPEDIA ARTICLE

From Wikipedia, the free encyclopedia
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Unified Payments Interface
UPI-Logo-vector.svg
Operating area India
Founded 11 April 2016
Owner National Payments Corporation of India
Website Official site

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.[1]

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.

USSD service[edit]

UPI is also available as a mobile phone USSD service where, users can access the service by dialing the code *99#. The various services provided[2] in USSD mode are categorized as follows,[3]

  • Financial Services
    1. Fund Transfer
      • Send Money
      • Request Money
  • Non-financial services
    1. Balance Enquiry
    2. Change MPIN

Transaction charges[edit]

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.

  • HDFC bank has held its decision about charging its customers for UPI transactions.[4]
  • SBI has proposed charging for UPI transaction in future.[5][6][7]
Bank Charges
ALL Banks 0

Transaction statistics[edit]

Year Transaction volume (millions) Transaction value (billions, INR)
2016–17 17.86 69.47
2017–18 737.18 856.59

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.

Supported banks[edit]

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

See also[edit]

References[edit]

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