UPI - Unified Payment Interface.
UPI controlled by NPCI.
Why UPI introduced?
We call it as “Green Initiative” (i.e to decrease paper usage in local market). This is really smart initiative by NPCI, making India Digital Payment System.
DOB Of UPI -
11th April 2016 (Pilot Mode) under Dr. Raghuram G Rajan
#Started live from 25th August 2016 onwards.
WIN factor for UPI Success?
Interoperability concepts made UPI payment more successive. What does it mean, "Your e-wallet acts as bank".
UPI system works on Instant Payment mechanism and transfer money between two bank accounts via Mobile platform.
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