UPI in India - statistics and facts
From vegetable vendors to local stores and high-end malls, digital payment-based QR codes have become omnipresent in India. The Unified Payment Interface or UPI has put India at the forefront of real-time payment transactions worldwide and accrued around 260 million users to date.
Launched in April 2016, by Dr. Raghuram Rajan, the then-governor of the Reserve Bank of India (RBI), UPI is a real-time payment system . It is regulated by the RBI and developed by the National Payments Corporation of India (NPCI) which allows users to link multiple bank accounts into one application merging various banking features, and enabling fund transfers, and merchant payments.
