Graam

Tuesday, February 18, 2025
1:51 am

Unified Payment Interface

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

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

 

About Us

Grassroots Research and Advocacy Movement (GRAAM) is a development research initiative in India focused on policy research, impact assessment, and strategic consultation. Collaborating with government, citizens, civil society, and corporate sectors, GRAAM ensures grassroots voices shape citizen-centric public policies. Their mission is to drive development by building human and social capital through evidence-based, community-informed solutions.

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