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  • What is upi and how it works

    • Upi full form.

    How Does UPI Work?

    UPI – Unified Payment Interface was first introduced in 2016 with just 21 banks and had almost 0 transactions for straight 3 months and is now leading the chart globally.

    The mastermind behind this approach was Dr. Raghuram G Rajan (RBI Governer).

    From April 2016 to August 2022, the graph has significantly changed, now there are above 345 Banks live on UPI and a total number of transactions has crossed 10,72,792 crores (as of August 2022) and this figure itself is proof that how people have become adaptive on making more and more cashless UPI payments.

     

    The unique part about UPI is that it holds the power of discarding ATM machines and also allows customers to link multiple bank accounts in a single mobile application.

    Upi app

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    • It offers 2 modes of payment i.e. P2P (Peer to Peer) and P2M (Peer to Merchant). 

    Sooner banks started promoting the use of cashless transactions and it spread like a fire (YOY). Most of you must be wondering how actually this whole ecosystem works in just a few clicks.

    Well, we’re here to answer that. L

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