In the context of digital payment system in India what does UPI stand for ?
Unified Payment Interface
UPI stands for Unified Payments Interface. It is a real time payment system developed by the National Payments Corporation of India (NPCI) and launched in 2016 under the regulation of the Reserve Bank of India. It allows a user to link several bank accounts to a single mobile application and to transfer money instantly from one bank account to another at any time of the day.
The word Unified shows that many banks and payment apps work on one common platform, and the word Interface shows that it is the layer through which the customer, the app and the banks talk to each other. A payment can be made with a virtual payment address such as name@bank, a mobile number or a QR code, without sharing the bank account number or IFSC each time.
Unique Payment Instance, Universal Payment Interaction and Universal Payment Initiative only sound similar to the real name, but none of them is the official expansion used by NPCI or the Reserve Bank of India. They replace the words Unified and Interface with other words, so they do not describe the actual payment system.
Hence, Unified Payment Interface.
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