4. India Stack: Payment Layer
4. India Stack: Payment Layer
UPI, or Unified Payments Interface, is a real-time mobile payments system in India. It was launched in 2016 by the National Payments Corporation of India (NPCI). UPI allows users to send and receive money from anyone else who has a UPI ID, even if they are not using the same app.
UPI is designed to be interoperable, which means that it can be used with any bank account in India. This makes it very convenient for users, as they do not need to create a separate account or wallet to use UPI.
UPI payments are also very secure. They use two-factor authentication, which means that users need to enter their UPI PIN in addition to their bank account details.
UPI payments have become very popular in India. They are now the most popular way to send and receive money in the country.
In addition to UPI, the NPCI has also launched a number of other innovative payment products, such as UPI Autopay and e-RUPI.
UPI Autopay allows users to set up recurring payments for things like rent or subscriptions. e-RUPI is a single-use digital voucher that can be used for specific purposes, such as donations or gift vouchers.
These new products are helping to make India's payments ecosystem more efficient and convenient. They are also helping to promote financial inclusion, as they make it easier for people to access financial services.