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Unified Payments Interface in India: Revolution in the making

Author

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  • Hota, A. P.

Abstract

Payment systems in India have undergone rapid changes during the past few years. The Vision Document on Payment Systems released by the Reserve Bank of India states several measures for building a ‘less cash’ society. The adoptions of mobile and card payment systems are two key components of this initiative. This paper presents an overview of a transformational project initiated recently by the National Payments Corporation of India (NPCI). This project aims to empower the bank customer to ‘send’ and ‘collect’ money in real time with just an e-mail, like a financial address, both for personto- person (P2P) payments and Business to Consumer (B2C) Collect.

Suggested Citation

  • Hota, A. P., 2016. "Unified Payments Interface in India: Revolution in the making," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 10(3), pages 279-284, October.
    • Handle: RePEc:aza:jpss00:y:2016:v:10:i:3:p:279-284
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    More about this item

    Keywords

    Unified Payments Interface (UPI); National Payments Corporation of India (NPCI); mobile PIN (MPIN); one time password (OTP); cash on delivery (COD); payment service provider (PSP);
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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