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एकीकृत भुगतान इंटरफेस

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एकीकृत भुगतान इंटरफेस टेम्पलेट:Short description टेम्पलेट:Use Indian English

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Unified Payments Interface (UPI)
UPI logo
Product typeInstant inter-bank payment system
OwnerNational Payments Corporation of India
Produced byNational Payments Corporation of India
CountryIndia
Introduced11 अप्रैल 2016; 8 साल पहिले (2016-04-11)

Unified Payments Interface (UPI) is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.[1][2] It is used on mobile devices to instantly transfer funds between two bank accounts. The mobile number of the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money. It runs as an open source application programming interface (API) on top of the Immediate Payment Service (IMPS),[3][4][5][6] and is regulated by the Reserve Bank of India (RBI). Indian Banks started making their UPI-enabled apps available on Google Play on 25 August 2016.

With UPI, India maintains its position as the global leader in instant payments, accounting for 46% of all global instant payment transactions in 2022.[7][8] As of November 2022, the platform had over 300 million monthly active users in India.[9][10] According to data from the NPCI, 12.20 billion UPI transactions worth ₹18.41 lakh crore (equivalent to $222.17 billion) were processed in January 2024, representing a 41.72% increase in transaction value compared to January 2023.[11] In 2023, the total annual value of UPI transactions in India reached ₹182 lakh crore (equivalent to $2.2 trillion), reflecting a 59% increase in transaction volume and 45% increase in transaction value compared to 2022.[12] UPI transactions in July 2024 averaged ₹1,430 per transfer, with the system processing 5,390 payments every second.[13] The success of UPI made it a soft power tool for India.[14] It became one of the most successful deep-tech financial innovations India has produced.[15][16]

History

[संपादन करीं]

In April 2009, the National Payment Corporation of India (NPCI) was formed to integrate all the payment mechanisms in India and make them uniform for all retail payments. By March 2009, RBI found out that in India, only six non-cash transactions were executed each year by individual citizens while 10 million retailers accepted card-based payments. Around 145 million families had no access to any form of banking. There was also the problem of tackling black money and corruption that happened mostly in cash.[15]

RBI in 2014 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. It was also part of the Green Initiative to decrease the usage of paper in the domestic payments market.[17] UPI was officially launched in 2016 for public use.[18]

Under RBI guidance, NPCI became the primary body tasked with developing a new payment system that is simple, secure, and interoperable. UPI works on a four-pillar push-pull interoperable model where there will be a remitter/beneficiary front-end PSP (payment service provider) and a remitter/beneficiary back-end bank that settles the monetary transaction for the users. According to the CEO of Netmagic Solutions, UPI became one of the most successful deep-tech financial innovations India has produced.[15][16]

In December 2019, noting the success of UPI, Google suggested that the US Federal Reserve Board should follow UPI as an example in developing FedNow,[19] a real-time payment system for the United States.[20]

With the exponential growth of UPI, India became the world's largest real-time payment market with 25.5 billion annual transactions in 2020 as per data from ACI Worldwide and GlobalData. This put the country ahead of China, South Korea, Thailand and the United Kingdom.[21]

As per the Economist Intelligence Unit Report 2021, UPI has made India a leader in the global real-time payment market followed by China and South Korea.[22] After the decision of the Ministry of Finance to nullify the merchant discount rate (MDR) in 2019 from UPI, the number of low value transactions skyrocketed, making huge gains on real-time transaction volume data.[23][24] Countries such as Brazil, Bahrain, Saudi Arabia, Singapore, the United States, and the European Union are exploring options to implement a UPI-like system in their own domestic markets.[24][25]

From 1 January 2019, UPI became a popular payment option for initial public offerings (IPOs). The transaction limit was enhanced from ₹100,000 to ₹200,000 in March 2020. From December 2021, RBI again increased the limit to ₹500,000 for Retail Direct Scheme and IPO applications.[26] To make UPI economically feasible for payment companies, RBI is considering a merchant discount rate (MDR) on future UPI transactions.[27] In its first monetary policy for the 2022–23 financial year, RBI proposed a cardless cash withdrawal facility from ATMs using UPI-based QR codes.[28] In partnership with the NSDL Payments Bank and NPCI, ToneTag launched VoiceSE which will enable 400 million feature phone users to make UPI payments using voice in Hindi, Telugu, Tamil, Malayalam, Kannada, and Bengali languages.[29]

According to Redseer Strategy Consultants, in 2023, UPI usage has expanded outsi

  1. ↑ "UPI payments now available in UAE as NPCI's global arm partners Mashreq Bank". Mint (अंग्रेजी में). 20 अगस्त 2021. Archived from the original on 20 अगस्त 2021. Retrieved 20 अगस्त 2021.
  2. ↑ Admin (15 दिसंबर 2020). "What is UPI- Unified Payment Interface: Simplified – QuesAns". quesans.co.in. Archived from the original on 19 दिसंबर 2021. Retrieved 19 दिसंबर 2021.
  3. ↑ Srivastava, Aditi; Nair, Gouri S (16 जुलाई 2022). "Why America Urgently Needs India's UPI Boost". News18 (अंग्रेजी में). Archived from the original on 17 जुलाई 2022. Retrieved 17 जुलाई 2022.
  4. ↑ Varahasimhan, S. (4 जुलाई 2022). "UPI: the dawn of digital fintech nirvana". The Hindu (भारतीय अंग्रेजी में). ISSN 0971-751X. Archived from the original on 10 जुलाई 2022. Retrieved 10 जुलाई 2022.
  5. ↑ "Do I need to register a beneficiary before transferring funds through UPI, what is maximum I can transfer? – What is UPI?". The Economic Times. Archived from the original on 10 अप्रैल 2023. Retrieved 10 अप्रैल 2023.
  6. ↑ VK, Anirudh (3 जुलाई 2019). "Multilingual Support Will Help Increase Adoption Of Mobile Payments In India, Says Gaurav Raina Of MPFI". Analytics India Magazine (अमेरिकी अंग्रेजी में). Archived from the original on 10 अप्रैल 2023. Retrieved 10 अप्रैल 2023.
  7. ↑ "World's Major Economies Playing Catch-Up as Widespread Adoption Drives Global Real-Time Payments Growth – ACI Worldwide Report". www.businesswire.com (अंग्रेजी में). 29 मार्च 2023. Retrieved 23 फरवरी 2024.
  8. ↑ "India sees 46 per cent of world's total real-time digital transactions: President Droupadi Murmu". MSN.
  9. ↑ "IIT Madras Working on Voice-based Contact-less Payment Services Which Recognises Local Indian Languages". News18 (अंग्रेजी में). 17 मई 2021. Archived from the original on 17 मई 2021. Retrieved 17 मई 2021.
  10. ↑ Khan, Aarzu (21 जुलाई 2021). "NPCI's Voice-Based Payment Solution Could Be a Game Changer". Dazeinfo (अमेरिकी अंग्रेजी में). Archived from the original on 21 जुलाई 2021. Retrieved 21 जुलाई 2021.
  11. ↑ "UPI transactions touches Rs 18.41 lakh crore in January, shows NPCI data". Moneycontrol (अंग्रेजी में). 2 फरवरी 2024. Retrieved 23 फरवरी 2024.
  12. ↑ Kayastha, Anshika (2 फरवरी 2024). "UPI transactions touch new record of ₹18.4-lakh crore in Jan". BusinessLine (अंग्रेजी में). Retrieved 23 फरवरी 2024.
  13. ↑ "UPI Ecosystem Statistics". NPCI. Retrieved 15 अगस्त 2024.
  14. ↑ Dieterich, Carole (3 मार्च 2024). "India's UPI mobile payment system has become a soft power tool". Le Monde.fr (अंग्रेजी में). Retrieved 6 मार्च 2024.
  15. ↑ 15.0 15.1 15.2 Datta, Dhriti (13 सितंबर 2019). "The origins of UPI: Road to a cashless society | Digit". Digit (अंग्रेजी में). Archived from the original on 19 मई 2021. Retrieved 19 मई 2021.
  16. ↑ 16.0 16.1 Patnaik, Somya (18 जुलाई 2019). "UPI will push India over the digital payments finish line". American Banker (अंग्रेजी में). Archived from the original on 24 जून 2021. Retrieved 22 जून 2021.
  17. ↑ "Payment Systems in India: Vision 2012–15". Reserve Bank of India. 1 अक्टूबर 2012. Archived from the original on 17 मई 2021. Retrieved 19 मई 2021.
  18. ↑ Panda, Subrata (2 नवंबर 2020). "UPI transactions surpass 2-billion mark in October on festive boost". Business Standard India. Archived from the original on 20 अगस्त 2021. Retrieved 20 अगस्त 2021.
  19. ↑ "Google wants US Federal Reserve to follow India's UPI example and build 'FedNow'". mint (अंग्रेजी में). 14 दिसंबर 2019. Archived from the original on 19 अगस्त 2021. Retrieved 21 नवंबर 2022.
  20. ↑ "Google wants US Federal Reserve to follow India's UPI example and build 'FedNow'". Mint (अंग्रेजी में). 14 दिसंबर 2019. Archived from the original on 19 अगस्त 2021. Retrieved 19 अगस्त 2021.
  21. ↑ Singh, Abhinav (31 मार्च 2021). "India retains top spot in real-time digital payment transactions: Report". The Week (अंग्रेजी में). Archived from the original on 19 अगस्त 2021. Retrieved 19 अगस्त 2021.
  22. ↑ "Going digital: payments in the post-Covid world". Economist Intelligence Unit (ब्रिटिश अंग्रेजी में). 4 अगस्त 2021. Archived from the original on 23 अगस्त 2021. Retrieved 23 अगस्त 2021.
  23. ↑ "No MDR charges applicable on payment via RuPay, UPI from Jan 1: Sitharaman". The Economic Times. Archived from the original on 23 अगस्त 2021. Retrieved 23 अगस्त 2021.
  24. ↑ 24.0 24.1 "India leads real-time payments market after China and South Korea". Tech Wire Asia (अमेरिकी अंग्रेजी में). 23 अगस्त 2021. Archived from the original on 23 अगस्त 2021. Retrieved 23 अगस्त 2021.
  25. ↑ Dethe, Amol (17 दिसंबर 2019). "Not just Google, the world is watching India's UPI". ETBFSI.com (अंग्रेजी में). Archived from the original on 23 अगस्त 2021. Retrieved 23 अगस्त 2021.
  26. ↑ उद्धरण खराबी:Invalid <ref> tag; no text was provided for refs named :7
  27. ↑ Shukla, Saloni (9 दिसंबर 2021). "RBI to form panel to study digital payment charges". The Economic Times. Archived from the original on 9 दिसंबर 2021. Retrieved 9 दिसंबर 2021.
  28. ↑ Ojha, Sangeeta (14 अप्रैल 2022). "How to withdraw cash from ATMs using UPI: Cardless cash withdrawal explained". Mint (अंग्रेजी में). Archived from the original on 16 अप्रैल 2022. Retrieved 16 अप्रैल 2022.
  29. ↑ "UPI voice payment in Hindi, Tamil, Telugu, Malayalam, Kannada for feature phone users with VoiceSE. Details". Financial Express (अंग्रेजी में). 10 सितंबर 2022. Archived from the original on 12 सितंबर 2022. Retrieved 14 सितंबर 2022.
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