UPI

India's payment rails

UPI stands for Unified Payments Interface, a real-time payment system developed in India that allows instant money transfers between bank accounts via mobile phone.

Users link their accounts to a UPI ID and can send or receive payments without sharing bank details: Just send it to my UPI.

The system has become ubiquitous in Indian commerce, from street vendors to online shopping.

payment

Google Pay

Smartphone payment platform

QR codeTwo-dimensional scannable data pattern
instant transferMovement without time lag
peer-to-peerServerless network architecture

P2P · merchant · cashless · wallet · remittance · recharge · bills · utilities · subscription · payee

infrastructure

handle

Part for gripping

interoperabilityCross-platform functional harmony
real-timeOccurring without processing delay
APISoftware communication standard

protocol · integration · RBI · fintech · ecosystem · platform · network · app · interface · connectivity

security

Authentication number sequence

two-factorAuthentication using paired credentials
authenticationConfirming genuine identity
encryptionConverting data into code

tokenization · verification · biometrics · fraud protection · secure · privacy · OTP · complaint · dispute · block

banking

account

Record of dealings

balanceSteadiness or amount owed
statementExpressed claim or fact
beneficiaryDesignated asset receiver

transaction history · deposit · withdrawal · savings · current account · mandate · autopay · recurring · refund · reversal

UPI

Google Pay

handle

PIN

account

UPI

Opposites

Categories

Family