Unified Payments Interface (UPI)
Interfaz de Pagos Unificada (UPI)
- Date
- 2016 · confidence high
- Place
- National Payments Corporation of India, Bombay (Mumbai), Maharashtra, India
- Credited to
- National Payments Corporation of India
- Field
- Knowledge & symbols
What it is
Open system for instant payments between bank accounts using virtual identifiers and QR codes, usable from any app. Within a few years it was processing more than ten billion transactions a month.
What it led to
- mass digital payments in the informal economy
- adoption of the model in other countries (Singapore, France, Nepal)