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Revolutionizing Peer-to-Peer and Merchant Payments in India

Launched in 2016 by the National Payments Corporation of India (NPCI), UPI (Unified Payments Interface) is a real-time payment system that facilitates inter-bank transactions by instantly transferring funds between two bank accounts on a mobile platform. UPI has simplified peer-to-peer and merchant transactions, enabling users to send or receive money and pay for services using a unique UPI ID, mobile number, or scanning a QR code.

% of coverage
  • Country


  • Population

    1.38 billion (as of 2021)

  • Number of Internet users

    Over 700 million

  • Popular payment methods in India

    UPI, Mobile Wallets, Debit/Credit Cards, Bank Transfers

% of coverage
  • UPI


  • Mobile Wallets (like Paytm)


  • Debit/Credit Cards


  • Bank Transfers


  • Other


Payment Method Overview
  • Type:Instant Payment System
  • Currency:Indian Rupee (INR)
  • % of coverage:60% of India's internet-using population
  • Transactions to date:>10 billion (estimated for 2022)
  • Total registered UPI IDs: >800 million (estimated)
  • Refunds:Yes, depending on the transaction type and bank policies
  • Chargebacks:Yes, subject to bank policies and transaction nature

About payment system

UPI has transformed the digital payment landscape in India by offering a unified, user-friendly platform for real-time transactions. With its simplified transaction process, UPI has made it easy for users, even in rural areas, to adopt digital payments.

For consumers, UPI offers a seamless, instant payment experience. Whether splitting bills with friends, paying utility bills, or making in-store purchases, UPI’s scan-and-pay or ID-based payment methods have become a preferred choice for millions.

Merchants benefit significantly from the UPI ecosystem. Accepting UPI payments reduces their dependency on physical payment machines and streamlines payment processes, all while ensuring security and quick settlements. With minimal setup, vendors of all sizes, from large retail chains to local tea stalls, can adopt UPI payments.

UPI’s multi-bank model, underpinned by two-factor authentication, ensures that the user’s transaction remains secure. Its interoperability across banks and seamless integration with various apps make it versatile and easy to use.

The success of UPI can be attributed to its user-centric design, robust security mechanisms, and continuous efforts by NPCI to innovate and improve the system. As UPI continues to evolve, it stands as a testament to India’s vision of a digital-first economy.

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Payment flow

The customer selects Visa as their payment option and enters their credit card details to complete the payment.

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