Who is the Father of UPI?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The Reserve Bank of India (RBI) and the Indian Banks’ Association formed the National Payments Corporation of India (NPCI), which developed the Unified Payments Interface (UPI). UPI is an instant real-time payment system. The interface makes it possible to conduct P2P and P2M transactions between banks. The instant payment service is built on the open source Application Programming Interface (API) called UPI.
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Function of UPI
UPI functions by rapidly transferring money between two bank accounts on a mobile platform and is governed by the Reserve Bank of India (RBI). It allows peer-to-peer interbank transfers between banks in real-time, between individuals and merchants. It started on 11th April 2016. The UPI platform has over 100 million active users.
UPI is a system that integrates various bank accounts, smooth fund routing, and merchant payments into a single mobile application (of any participating bank). Additionally, it supports “peer to peer” collection requests that can be planned and paid for as per the need and convenience.
Father of UPI
In light of the above circumstances, NPCI launched a pilot with 21 member banks. RBI Governor Dr. Raghuram G. Rajan launched the pilot program in Mumbai on 11 April 2016. Banks have started depositing their UPI-enabled apps on the Google Play store from August 25, 2016.
- As of February 2022, 304 banks were accessible through UPI, with a monthly volume of 4.52 billion transactions with a volume of 8.26 lakh crore (US$100 billion) and a value of 8.26 lakh crore.
- As of November 2021, 68 billion transactions were recorded through UPI. During 67 months of operation beginning in 2016, the mobile-only payment system assisted in a total of 34.95 lakh crore (US$440 billion) transactions.
- The site has 150 million active users in India as of May 2021. With an average transaction value of 1,849, the share of UPI transactions in the total volume of digital transactions increased from 23% in 2018-19 to 55% in 2020-21.
- In January 2022, the platform handled a total of 8.31 lakh crore digital transactions. UPI exceeded the value of transactions in FY 2022.
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