Cashless India: How UPI is going to Change our Life?

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Digital India transactions are  Cashless  
The cashless layer provides a single interface to all national banks and online wallets. This enables residents to conduct online transactions. A resident links his/her bank account with Aadhaar number and mobile number.  The mobile number is used as a financial address. Money can be transferred and received using this address.
Example: Government subsidies are directly transferred to beneficiary bank account using this cashless layer .
Scholarships are directly transferred to students bank account 
UPI
Unified payment interface (UPI) is a single interface to all national banks and online wallets. This enables residents to go cashless in transactions. Applications such as BHIM are built using UPI. Unified Payments Interface is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform
BHIM 
BHIM is an Indian mobile payment App developed by the National Payments Corporation of India, based on the Unified Payments Interface. It is intended to facilitate e-payments directly through banks and drive towards cashless transactions.  The app supports all Indian banks which use UPI, which is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between bank accounts of any two parties. It can be used on all mobile devices.

It is very heartening to note that globally known Google uses UPI for its popular product Google Pay