Unified Payment Interface stands for UPI, it is one of the most used payment systems, which has been developed by the National Payment Corporation of India (NPCI). It was developed to facilitate interbank peer-to-peer (P2P) and person to Marchant (P2M). It is the interface to make instant payments to the bank to bank and mobile platforms, it is regulated by RBI Reserve Bank of India. Tons of people on the internet are looking for the owner of the UPI, they are searching for this on the internet, through this post we will let you the owner of UPI. Also, read Anand Subramanian NSE Wikipedia, Net Worth, Wife, Biography
What is Unified Payment Interface (UPI)
It is one of the most used and successful platforms of payments, to prove this thing we have brought some data that in the year 2020 UPI had more than 207 banks on its platform with a monthly volume of 2334.16 million and the transaction value is 462 billion ($55 billion). In the month of November 2020, it had more than 22102.3 million transactions.
Who is the Founder of UPI?
There is no person, who is the owner of UPI, it is owned by the National Payments Corporation of India, as far as we know it was introduced to the public in the year 2016 on the 11th of April. It is marketed by India, Bhutan, Malaysia, Singapur, and United Arab Emirates.
As per the report in the month of April in 2009 with the motive to integrate all the payment methods and mechanisms available in the country and to uniform retail payments, it was formed. In a short period of time, it has got huge success. It also helped a lot to make black money, which most of the time happens in cash after RBI found that only 6 cashless transactions are made by personal and millions of people are having access to the net banking, so it was a big challenge.
In the year 2012 RBI has made a statement to make a safe, efficient, accessible, inclusive, interoperable and authorized payment and settlement system in India, which is cashless and pape lass. It was the part of the Green Initiative, later in the marker, UPI was officially launched in the year 2016, till the December 2019 UPI was not successful, it has a lot of struggle even google also recommended to US Federal Reserve Board the development of Fed now, which was a real-time payment system for the USA. Later UPI started to develop and it became one of the most used payment methods now to know more about UPI you can go through UPI Wikipedia.