Unified Payments Interface

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Unified Payments Interface
UPI logo
Product typeinstant real-time inter-bank payment system
Introduced11 April 2016; 2 years ago (2016-04-11)

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. As of February 2019 there are 139 banks live on UPI with a monthly volume of 674.19 Mn transactions and a value of Rs 1,06,737.12 Cr[1]


Unified Payments Interface is a real time inter bank payment system that allows sending or requesting money. Any UPI client app may be used and multiple bank accounts may be linked to single app. Money can be sent or requested with the following methods:

  • Virtual Payment Address (VPA): Send or request money from/to bank account mapped using VPA.
  • Mobile number: Send or request money from/to the bank account mapped using mobile number.
  • Account number & IFSC: Send money to the bank account.
  • Aadhaar: Send money to the bank account mapped using Aadhaar number.
  • QR code: Send money by QR code which has enclosed VPA, Account number and IFSC or Mobile number.

Mobile apps[edit]

Any UPI app can use payment and transfer fund from and to UPI enabled banks.

UPI 2.0[edit]

On August 16, 2018 UPI 2.0 was launched which enabled users to link their Overdraft accounts to a UPI handle. Users were also able to pre-authorize transactions by issuing a mandate for specific merchant. 2.0 version included a feature to view and store the invoice for the transactions.[2][3]

Supported banks[edit]

The website of National Payments Corporation of India lists the banks that facilitate UPI.[4] Banks here are termed as Payment Service Providers (PSP) - listed with their UPI application and handle - and issuers.[4] 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.

See also[edit]


  1. ^ "UPI Product Statistics". NPCI. 2017-03-31. Retrieved 2019-03-19.
  2. ^ "Experience Simplicity, Security & Seamlessness at the next level. | BHIM". www.bhimupi.org.in. Retrieved 2018-12-14.
  3. ^ Bureau, Our. "NPCI launches UPI 2.0 with overdraft facility". @businessline. Retrieved 2018-12-14.
  4. ^ a b "UPI Live Members". NPCI. 2018-11-02. Retrieved 2018-11-15.