Unified Payment Interface

The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Mohit Jalan, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur


The Unified Payment Interface (UPI) was launched by the National Payments Corporation of India, which experts say has the potential to revolutionize mobile payment system in the country. It is a breakthrough in third party transfers which would further simplify the existing Indian banking system.

The biggest benefit of Unified Payment Interface is that it will be a single app for accessing different bank accounts. And it will not be necessary for the person using the interface for sending and receiving money to give their details to the other party. The new platform also allows a customer to have multiple virtual addresses for multiple accounts in various banks.

The other benefits of this mobile payment mechanism include its round the clock availability and faster checkout. As a start, 19 banks have partnered with NPCI, an umbrella organization for all retail payments systems, to offer services based on UPI.

With the platform going live, the onus now shifts to banks to market and communicate the benefits of using UPI to their customers.


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