UPI (UNIFIED PAYMENT INTERFACE): AN ENABLER IN EXPANDING DIGITAL FINANCIAL STRENGTH

Abstract

The digitization of the payments in the country got a push by the launch of a payment system that allows a person to link multiple bank accounts into a single application on the mobile phone to transfer funds, make bill payments seamlessly and on 24*7 basis. This payment system is termed as UPI and it is launched by the NPCI (National Payments Corporation of India). The system is managed by the RBI since its launch on April 11,2016. The launch of UPI has brought DIGITAL REVOLUTION in the payment systems in the country. Since its introduction it has grown tremendously from handling 17.86 million transactions in 2016-17 to 12,518 million in 2019-20.