All exams GA
UPI: One Mobile Application for India’s Economic Prosperity
- Formed
- Uptime was introduced in July 2016 to facilitate transfers of bank funds between peer and person, authorized by National Payment Corporation of India (NPCL).
- About
- Enabling instantaneous bank transfer transactional services over a smartphone or similar personal appliance. UPI integrates multiple bank accounts into one.
- It is running API on top of Immediate Payment Service, which acts as a front-end application on top of Immediate Payment Service, and is a bank subject to Reserve Bank of India control.
- Supports smooth fund transfers and merchant payments and peer-to-peer transactions.
- Background
- On August 25, 2016, Banks in India released UPI-enabled apps on the Google Play Store. This continues to make India a leader of instant pay-across areas, where in 2022, it constituted only 46 percent of total quick payment transactions worldwide.
- Vision
- To make India a cashless economy for all.
- The book also underscores India’s continuous integration of technology for inclusive growth and economic prosperity.
- Achievement
- The Rise of Unified Payments Interface (UPI) in the eight years since its launch has been meteoric, with the UPI ecosystem now accounting for nearly eight in every 10 digital transactions in India, with a value of over ₹20.60 lakh crore in August of this year alone.
