Switch to desktop mode for better experience.
UID: ST-20240929-IN-01
Source
Last Updated
Time Range
Periodicity
Unit
Sector
Next Update
Indicator Summary
The Unified Payments Interface (UPI) is a groundbreaking system that integrates multiple bank accounts into a single mobile application, enabling users to manage diverse banking functionalities, conduct peer-to-peer transactions, and process merchant payments seamlessly. Launched by the National Payments Corporation of India (NPCI), UPI aims to streamline digital transactions, enhance security, and offer unparalleled convenience to users. The system was piloted with 21 member banks on April 11, 2016, and launched by Dr. Raghuram G. Rajan, then Governor of the Reserve Bank of India (RBI). By August 2016, banks began uploading UPI-enabled apps to the Google Play Store, marking a significant milestone in India’s journey toward a cashless economy.
Terms & Conditions for Reusing Data
Citation information
Note: Please ensure proper attribution when using this data in your research or publications.
