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, and they are searching for this on the internet, through this post we will let you the owner of the UPI.
Who Is the Founder of UPI? Developer Name, Wikipedia
It is one of the most used and successful platforms of payments. The full form of UPI is the Unified Payment Interface. As per the data, 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 November 2020, it had more than 22102.3 million transactions.
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 the United Arab Emirates.
As per the report in April 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, it has had 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 personnel and millions of people have access to net banking, so it was a big challenge.
In the year 2012, RBI 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 part of the Green Initiative, later in the marker, UPI was officially launched in year 2016, till December 2019 UPI was not successful, it had a lot of struggles even google also recommended to the 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.