UPI is regulated by the National Payments Corporation of India (NPCI). UPI was launched in India on April 11, 2016. It was launched by the Reserve Bank of India (RBI) and NPCI in collaboration with various banks and payment service providers. Unified Payments Interface (UPI) is an Indian instant payment system and protocol developed by the National Payments Corporation of India (NPCI) in 2016. UPI is a real-time payment system that allows money transfer between bank accounts through mobile devices. The launch of UPI has made digital payments faster and better. HOW DOES UPI WORK? To make UPI payments, you need to register your bank account on the UPI -enabled app. What is Unified Payments Interface (UPI) in Banking? The full form of UPI is Unified Payments Interface, a real-time payment system developed by the National Payments Corporation of India (NPCI) that facilitates instant money transfers between bank accounts via smartphones.
