Phase IFoundation
Background
Overview
UPI is a prime example of a successful digital public good, demonstrating India's innovation in financial technology, promoting financial inclusion, and serving as a model for other developing economies. Its policy evolution, particularly regarding sustainability mechanisms like MDR, is critical for India's economic growth and digital transformation.
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.