UPI was officially launched in 2016 for public use. It is part of the Green Initiative to decrease the usage of paper in domestic payments market. RBI in 2012 released a vision statement for a period of four years that indicated commitment towards building a safe, efficient, accessible, inclusive, interoperable and authorized payment and settlement system in India. There is also the problem of tackling black money and corruption that happens mostly in cash. Around 145 million (14.5 crore) families have no access to any form of banking. By March 2011, RBI found out that in India only six non-cash transactions happen every year per individual citizen while 10 million (1 crore) retailers accept card-based payment. In April 2009, National Payment Corporation of India was formed with the objective to integrate all the payment mechanisms in the country and make them uniform for retail payments. In FY 2021–22, the value of transactions crossed $1 trillion. Digital transactions worth ₹8.31 lakh crore were made via the platform in January 2022. The proportion of UPI transactions in total volume of digital transactions grew from 23% in 2018–19 to 55% in 2020–21 with an average value of ₹1,849 per transaction. Īs of May 2021, the platform has over 10 crore (100 million) monthly active users in India. It runs as an open source application programming interface (API) on top of Immediate Payment Service (IMPS), and is regulated by the Reserve Bank of India (RBI).Īs of February 2022, there were 358 banks available on the platform with a monthly volume of 6.7 billion transactions amounting to ₹11.16 lakh crore (US$140 billion). The UPI ID of the recipient can be used to transfer money. The mobile number on the device is required to be registered with the bank. It is used on mobile devices to instantly transfer funds between two bank accounts. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. Unified Payments Interface is an instant real-time payment system developed by National Payments Corporation of India (NPCI). International by cross border payment agreements.
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