<\/p>\n
Based on data from the Reserve Bank of India (RBI), digital payments ecosystem UPI has experienced a compound annual growth rate (CAGR) of 55.11 TP3T over the last five years (2016-2020.) Currently, 207 banks in India are integrated with UPI, with 2.3 billion transactions per month, and a cumulative value of 4,161.76 billion Indian rupees (approx. USD 58 billion), making it the leading online payment system in the country.<\/p>\n
The Unified Payments Interface (UPI), developed by National Payments Corporation India, is a payment system that integrates multiple bank accounts into a single mobile application. It offers multiple banking functions within the app, including fund transfers and merchant payments.UPI also supports peer-to-peer payment requests, enabling users to make payment arrangements anytime, anywhere.<\/p>\n
1. Users can arrange transactions 24 hours a day, 365 days a year from their mobile devices.<\/p>\n
2. Users can access multiple bank accounts through a single application.<\/p>\n
3. Multi-factor authentication ensures compliance and high security while providing the power of one-click payments.<\/p>\n
4. Pushing and retrieving virtual addresses improves security by eliminating the need for customers to enter information such as card numbers, account details, IFSC codes and so on.<\/p>\n
5. Users can share bills with others.<\/p>\n
6. UPI is the perfect solution to the dilemma of cash delivery, finding an ATM or providing the exact amount.<\/p>\n
7. Merchants can complete transactions within a single application or programme.<\/p>\n
8. UPI supports utility bill payments, over-the-counter payments, and barcode payments (scanned payments).<\/p>\n
9. UPI can be used for donations, receipts and expenditures, and its functionality is constantly expanding.<\/p>\n
The latest data from UPI's official website shows that 214 banks have integrated with UPI and 20 third-party payment apps have access.<\/p>\n
Banks that integrate with UPI include:<\/p>\n
- State Bank of India<\/p>\n
-Punjab National Bank<\/p>\n
- ICICI Bank<\/p>\n
- Canara Bank<\/p>\n
- Bank of India<\/p>\n
- Bank of India<\/p>\n
- Union Bank of India<\/p>\n
- Indian Overseas Bank<\/p>\n
- HDFC Bank<\/p>\n
- and 214 other banks<\/p>\n
Third party applications that integrate with UPI include:<\/p>\n
Security and central bank supervision<\/p>\n
An important way for India to achieve a cashless society, UPI was launched by the government-backed National Payments Corporation of India and is regulated by the Reserve Bank of India to ensure a high level of security.<\/p>\n
Broad product coverage and scalability<\/p>\n
As an open platform, UPI is able to continually integrate new banks and third-party payment processes, providing strong scalability and broad coverage.<\/p>\n
High transaction volume and user base<\/p>\n
UPI is now the most transacted online payment method in India with over 100 million active users and over 2.3 billion transactions per month and still growing rapidly.<\/p>\n
How to integrate UPI<\/p>\n
Currently, UPI can be integrated through third-party gateways (contact PayerMax for details). These gateways integrate popular local payment methods, solving all payment challenges at once and providing a convenient and simple payment process.<\/p>\n
UPI integrated payment process<\/p>","protected":false},"excerpt":{"rendered":"
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