• According to an internal survey, around 70% Indians still dont have clarity regarding UPI and its process. UPI expanded as Unified Payment Interface is a seamless real time inter bank money transfer system which enables a person to initiate instant payment from Bank 1 to Bank 2.

• UPI was introduced by NPCI(National Payments Corporation of India) in the year 2016. Both UPI & NPCI are regulated and monited under RBI(Reserve Bank of India).

• With Private UPI services such as google pay &phonepe, a person can transact upto ₹1 lakh per day with 10 transaction limit for direct money transfers and no limit on number of merchant transactions.

• UPI is considered better than digital wallets as it removes the barrier of loss in transaction charges.

• The Story began in the year 2016 but was widely popular in the mid of 2018. The UPI Craze amonst youth & IT people has significantly increased recording over 1 Billion transactions and over a 100 Million active users on its platform.

• The most interesting feature is that it facilites instant money transfers without adding any beneficiaries which can take time from 30 minutes to 12 hours to process.

credits
https://bfsi.economictimes.indiatimes.com/
https://www.javatpoint.com/
https://entrackr.com/

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