Unified Payments Interface

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Unified Payments Interface
UPI logo
Product typeinstant real-time inter-bank payment system
Introduced11 April 2016; 3 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 March 2019 there are 142 banks live on UPI with a monthly volume of 799.54 million transactions and a value of 1.334 trillion (US$19 billion)[1]. UPI witnessed 1,029.44 crore transactions until August 2019. The mobile-only payment system helped transact a total of ₹17.29-lakh crore during the 37 months of operation starting from 2016.[2]


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) or UPI ID: 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 16 August 2018, UPI 2.0 was launched which enabled users to link their Overdraft accounts to a UPI handle. Users were also able to pre-authorise transactions by issuing a mandate for specific merchant. 2.0 version included a feature to view and store the invoice for the transactions.[3][4]

Supported banks[edit]

The website of National Payments Corporation of India (NPCI) lists the banks that facilitate UPI.[5] Banks here are termed as Payment Service Providers (PSP) - listed with their UPI application and handle - and issuers.[5] 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.


There are talks happening to operate UPI in United Arab Emirates and Singapore which has sizeable Indian expatriates and for ease of payment for Indian tourists travelling abroad. Committee on digital payments led by Nandan Nilekani had suggested that NPCI should internationalise payment services like UPI, RuPay and BHIM.[6]

See also[edit]


  1. ^ "UPI Product Statistics". NPCI. 31 March 2017. Retrieved 9 April 2019.
  2. ^ Vinayak, A. J. "UPI completes 1,000 cr transactions". @businessline. Retrieved 5 September 2019.
  3. ^ "Experience Simplicity, Security & Seamlessness at the next level. | BHIM". www.bhimupi.org.in. Retrieved 14 December 2018.
  4. ^ Bureau, Our. "NPCI launches UPI 2.0 with overdraft facility". @businessline. Retrieved 14 December 2018.
  5. ^ a b "UPI Live Members". NPCI. 2 November 2018. Retrieved 15 November 2018.
  6. ^ "UPI payments to soon be available in UAE, Singapore". www.businesstoday.in. Retrieved 24 October 2019.