Highlights
It is developed by NPCI.
It is an RBI regulated entity.
New Delhi: Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), which is an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties bank accounts.
In other words, UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. Users can immediate money transfer through mobile device round the clock and throughout the year. UPI is available on Android and iOS platform.
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PhonePe, Google Pay lead in UPI transactions in Feb; Paytm 3rd
PhonePe was closely followed by Google Pay with 827.86 million transactions involving Rs 1,74,455.33 crore, Paytm Payments Bank stood a distant third with 340.71 million transactions worth Rs 38,493.52 crore
PTI | March 17, 2021 | Updated 23:19 IST
PhonePe topped the app category on the UPI platform in terms of volume and amount involved in the transactions that it facilitated, as per data published by the National Payments Corporation of India.
PhonePe topped the app category with 975.53 million customer initiated transactions for UPI payments involving an amount of Rs 1,89,517.82 crore in February. We are delighted to emerge as leaders in the UPI merchant transactions. Our leadership in the P2M space is due to an expansion of the market with more merchants using our platform in smaller towns, PhonePe Vice President - Offline Business Development, Vivek Lohcheb said.