Digital Payments

UPI — India’s Way of Secure Digital Payments

It isn’t a Hyperbole that the World smells Innovation in India’s UPI.

Nikhil Vemu
8 min readNov 19, 2020

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NPCI, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons

Firstly, What’s UPI?

UPI abbreviates to Unified Payments Interface. It is a platform that could link to many bank accounts and enables fast money transfer using IMPS (Immediate Payment Service). However, it needs an app to work. It’s way faster than the previous NEFT (National Electronic Funds Transfer). As it’s online, it’s available 24x7, 365 days.

It’s Origin:

It was launched in 2016 as an initiative by NPCI (National Payments Corporation of India) with support by the RBI (Reserve Bank of India) and the IBA (Indian Banks Association).

Until then, people used to use Mobile Wallets like PayTM, Oxigen, Mobikwik, and Freecharge to recharge, and pay bills. People had to recharge their wallets every now and then to ensure there’s sufficient money inside. It was a tedious task. With the UPI platform, people could recharge…

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