An instant real-time payment system developed by NPCI that enables peer-to-peer and merchant payments through a single mobile interface across all Indian banks.
UPI revolutionized digital payments in India by enabling instant bank-to-bank transfers using just a phone number, UPI ID, or QR code — available 24/7 including holidays. It processed over 10 billion transactions per month by 2024. For businesses, UPI enables instant payment collection, reduces cash handling, and provides real-time settlement. UPI supports features like collect requests, recurring payments (UPI AutoPay), and international remittances.
A customer scans a merchant's QR code on their phone, enters ₹500 payment amount, authenticates with UPI PIN, and the money instantly moves from customer's bank to merchant's bank account.
Ensures accurate financial reporting and record-keeping
Helps maintain regulatory and tax compliance
Enables better-informed business decisions
Improves operational efficiency and cash flow management
Yes, currently zero MDR (Merchant Discount Rate) for UPI transactions as per government mandate. This makes it the most cost-effective digital payment option for businesses.
Yes, UPI International is available in select countries including Singapore, UAE, France, Sri Lanka, and Mauritius. The transaction is settled in the local currency and debited in INR from the sender's Indian bank account.
An electronic fund transfer system in India that enables bank-to-bank transfers in batches, available 24/7 with near-instant settlement.
A continuous, real-time payment system operated by RBI for large-value interbank transfers with a minimum transaction amount of ₹2,00,000, available 24/7.
A technology service that processes online payment transactions by securely transmitting data between the merchant, customer's bank, and the acquiring bank.
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