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India’s UPI: How Public Payment Infrastructure Changed Payments

PaymentsBy: S. Mohsen Shahmoradi2 min readSource: NPCI
India’s UPI: How Public Payment Infrastructure Changed Payments

1Introduction

UPI was launched in 2016 by the National Payments Corporation of India (NPCI). It links multiple bank accounts in one mobile app and lets users pay instantly, 24/7, with a virtual ID or QR code.

2Discussion

Its key feature is interoperability: any bank or app user can pay any other, so banks and fintechs compete on a shared rail instead of closed networks.

3Conclusion

The IMF describes UPI as part of India’s digital public infrastructure which, together with digital ID and widespread accounts, lowered payment costs and expanded inclusion.

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Sources

  1. NPCI — UPI Product Overview ↗
  2. IMF — Stacking up the Benefits: Lessons from India’s Digital Journey, 2023 ↗
همفکران فناوری شریفThis article summarises the official sources cited, prepared by the Hamfekran Fanavari Sharif team for finance leaders.
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