Phase IFoundation
Background
Overview
UPSC cares about UPI due to its transformative impact on financial inclusion, the digital economy, and its role as a global model for efficient, low-cost digital payments. It represents a significant achievement in public digital infrastructure.
The Unified Payments Interface (UPI) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) that facilitates inter-bank peer-to-peer and person-to-merchant transactions. It allows users to link multiple bank accounts into a single mobile application, enabling seamless digital payments.