Abstract
This paper examines the Unified Payment Interface (UPI), a cutting-edge payment system introduced in India by the National Payments Corporation of India. UPI is a mobile-centric, real-time interbank payment platform designed to transform and democratize digital payments in the country. The study delves into the evolution of India's payment systems and provides a comprehensive analysis of UPI's technology, focusing on its architecture and security framework through empirical and theoretical literature. UPI stands out as a major advancement compared to existing payment systems, offering benefits such as reduced costs, user-friendly interfaces, faster settlement times, and robust security measures. With its modular API-based architecture, UPI fosters the creation of innovative solutions for both consumers and businesses. Although still in its early stages, the development of merchant-focused UPI solutions holds the potential to significantly enhance user adoption. By integrating a broader section of the population into the digital economy, UPI could play a pivotal role in advancing financial inclusion in India. KEYWORDS: Mobile payments, Real Time Payments, Unified Payment Interface, Digital payments
Published Version
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call