What Will the Future of UPI Payments in India Look Like?
Unified Payment Interface (UPI) is a revolutionary technology framework for Online Money Transfer in India. It was officially launched in 2016 by the National Payments Corporation of India (NPCI). It integrates various bank accounts into one mobile application.
UPI is a banking technology infrastructure on which all banks, financial institutions, and users send and receive money. At its core, it is a software code and a set of guidelines and protocols maintained by NPCI. Over this network, banks and FinTech companies have created consumer-facing applications that we use today. Over 150 apps facilitating UPI payments are available on the Play Store and App Store. Some common examples include Google Pay, PhonePe, and many more.
Users create a specific ID called UPI Id on one of th...