India’s state-backed Unified Payments Interface (UPI), which was first launched in 2016, is a platform for free and fast account-to-account transfers, which are facilitated by QR codes or virtual IDs.
Created by the National Payments Corporation of India (NPCI), UPI connects more than 300 banks and enables seamless financial transactions through mobile applications like Google Pay, Amazon Pay, PhonePe, and Paytm.
India touts its UPI payment service as an ideal platform for boosting financial inclusivity but cyber security and competition concerns persist.
