Title:-UPI is an instant payment system and protocol developed by the National Payments Corporation of India for the Government of india.
Description:- UPI was launched by the Government of India on April 11,2016.With UPI ID ,instant payments can be made in person-to-person(P2P) and person -to-merchant(P2M) transactions.
By 2025, 50% of the world’s digital payments will be made via India’s UPI platform.
In 2025-2026, the annual transaction volume on UPI exceeds 314.23 lakh crore rupees.
India has over 55.49 million active UPI users.
It is live in 12 countries.
CONTENT:-
WHAT IS UPI?
Unified Payment Interface (UPI) has been developed by NPCI under the Government of India. Through which instant payments are made to (P2P) & (P2M) accounts using UPI.
Which is the world’s largest real-time payment system?
UPI is the world’s largest real-time payment system. It handles over 640 million transaction daily. Which has 55.49 crore users.
It has been turned into a soft power tool for India.
Liquid Group, a cross- border digital payment service provider, entered into an agreement with NIPL in 2021. Under this , QR code payment systems will be launched in Singapore, Malaysia , Thailand, the p Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, and Japan.
NIPL has also signed an agreement with the Arab Monetary Fund (AMF), which will enable QR code payments in South Asia as well.
UPI is available in these countries:-
Singapore :- UPI has been integrated with Singapore’s payment system, PayNow, enabling P2P and P2M transaction via QR code scanning; in the future, this will help connect India with Asian countries.
Bhutan :- On July 13,2021,Bhutan became the first country to accept transactions via the BHIM app.
Malasia :- Malaysia intends to link UPI with PayNet.
UAE:- In 2021, UAE -based Lu Lu Financial Holdings entered into an agreement with NIPL, enabling real-time money transfers to India from the UAE and the Middle East region.
France:- NPCI and Lyara has started UPI at the Effil tower.
Oman:- An agreement has been reached with the Central Bank of Oman, and QR code- based payments will be implemented.
Qatar:- Qatar Duty Free is the first retailer to accept UPI transaction using QR codes. A collaboration happened between the NIPL, QNB group, and Japanese payment gateway Net stars.
Mauritius:- UPI was launched in Mauritius on February 12,2024.
Israel:- Under a bilateral agreement regarding Prime Minister Modi’s 2026 visit, UPI- based payments will be enabled in Israel.
Cambodia:-The acceptance of UPI in Cambodia and Bakong in India was announced; the system is based on cross- border QR code scanning.
Uzbekistan:-The Central Bank of Uzbekistan and the Reserve Bank of India have received approval for cross-border payments.