Unified Payment Interface
What is the mission
The mission of the Unified Payment Interface (UPI) scheme is to facilitate seamless, real-time, and secure transactions between bank accounts through mobile devices, revolutionizing the digital payments ecosystem in India.
The basic features for customers are:
- 24/7*365 round the clock availability
- Single application for accessing different bank accounts.
- Conveniently make utility bill payments, over-the-counter (OTC) payments, and QR Code (Scan and Pay) payments.
- Make merchant payments with a single application or in-app payments
- Use of Virtual ID is more secure, no credential sharing
- Single-click authentication
- Ability to raise complaints from mobile apps directly
Why is the mission
The mission aims to promote digital transactions, reduce cash dependency, enhance financial inclusion, and make financial transactions easy, secure, and accessible for every citizen.
Who implements the mission
The National Payments Corporation of India (NPCI) implements the UPI scheme under the guidance of the Reserve Bank of India (RBI).
What benefits would this mission yield to the people
- Convenience: Easy and quick transactions through mobile devices.
- Security: Secure payment method reducing the risks associated with carrying cash.
- Financial Inclusion: Increased access to financial services for all sections of society.
- Economic Growth: Boost to digital economy and reduction in black money circulation.
Know more about the mission
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