Unified Payments Interface (UPI), developed by National Payment Corporation of India, is a real time payment system that is used for transferring money from one bank account to another using mobile platforms. The payment system is monitored by the Reserve Bank of India.
With the introduction of digital banking, the manner in which money is sent from one account to another has changed completely. The shift to digital money saw an increase around demonetisation. People were left with no choice but to use digital transfer. UPI payment system was first launched in April 2016 by Dr. Raguraman G Rajan, then Governor of RBI.
Today, most of the people in the country use UPI to transfer money. Recording over 1 billion transactions in 2019, there are about 100 million users. Having over 140 banks onboard, UPI payment has emerged as the best alternative to debit card, credit card and e-wallet payments.