The first major step taken by India to achieve a cashless economy was the introduction of the Unified Payment Interface (UPI). It is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) facilitating inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. The interface is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform.

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

With the above context in mind, NPCI conducted a pilot launch with 21 member banks on 11th April 2016.

The proportion of UPI transactions in the total volume of digital transactions grew from 23% in 2018–19 to 55% in 2020–21.


Benefits for merchants:

Seamless fund collection from customers - single identifiers

No risk of storing the customer’s virtual address like in Cards

Tap customers not having credit/debit cards

Suitable for e-Com & m-Com transaction

Resolves the COD collection problem

Single click 2FA facility to the customer - seamless Pull

In-App Payments (IAP) 

If you would like to add this payment method, kindly contact your Account Manager.