What is UPI India's Unified Payments? www.deekpay.com

## Unified Payments Interface (UPI) India: The Global Leader in Real-Time Payments Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI) in 2016 to integrate India's payment mechanisms and facilitate bank-to-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It allows users to make real-time fund transfers on mobile devices via mobile phone numbers or UPI IDs and supports QR code payments. The Rise and Success of UPI: Global Leadership: In 2022, UPI accounted for 46% of total global instant payment transactions, making it the largest real-time payments market in the world. User Scale: As of November 2022, UPI has over 300 million monthly active users in India. Transaction Volume Growth: In 2023, UPI's annual transaction volume grew by 59% and transaction value by 45%. Transaction Speed: UPI can process over 2,348 transactions per second in 2022. Financial Inclusion: UPI promotes financial inclusion in India, enabling millions of unbanked people to participate in digital payments. Technological Innovation: UPI employs a four-pillar push-pull interoperability model and is constantly updating features such as UPI Lite, UPI AutoPay, UPI 123PAY, etc. to cater to the needs of different users. UPI's internationalisation process: Expanded Collaboration: NPCI is working with several countries and organisations to promote the internationalisation of UPI, including Singapore, Bhutan, Malaysia, United Arab Emirates, Nepal, France, United Kingdom, Russia, Oman, Qatar, Sri Lanka, Mauritius, Greece, Australia, Europe, Thailand, Saudi Arabia, United States, Bahrain, Japan, Philippines, Ethiopia, New Zealand, and more. Cross-border payment: UPI is gradually expanding to global markets to facilitate cross-border payments. Payment Methods: UPI supports QR code payment, merchant POS acceptance, and many other payment methods. UPI's future outlook: Further Expansion: UPI will continue to expand in India and globally to provide convenient payment services to more users. Technology Upgrades: UPI will continue to undergo technology upgrades to improve efficiency, security, user experience, etc. Innovative Applications: Based on UPI, more innovative fintech applications will emerge, such as voice-based payments, credit services, etc. The success of UPI is a testament to India's technological leadership in digital payments and provides valuable lessons for global fintech development.