UPI-INDIA

Indian NPCI instant payment.

Definition

UPI uses a Virtual Payment Address (VPA, e.g., name@bank) instead of IBAN ; 24/7 ; sub-second latency ; universal QR Code payment. Apps: PhonePe, Google Pay India, Paytm, BHIM. UPI International extending to Bhutan, Singapore, France 2024.

Origin

NPCI launches UPI 11 April 2016 ; UPI 2.0 August 2018 ; UPI 123Pay March 2022.

Example in context

An Indian buys vegetables INR 50 at the market by scanning a UPI QR Code with PhonePe.

Related terms

• Pix — Brazilian twin.