24/11/2023
NPCI - TheĀ National Payments Corporation of IndiaĀ is an umbrella organization for operating retail payments and settlement systems in India, is an initiative of theĀ Reserve Bank of IndiaĀ (RBI) andĀ Indian Banksā AssociationĀ (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.Ā It was created by RBI for operating retail payments and settlement systems inĀ India.
TheĀ Unified Payments InterfaceĀ (UPI) is anĀ instantĀ payment systemĀ developed in India, by theĀ National Payments Corporation of IndiaĀ (NPCI). The interface facilitates inter-bankĀ peer-to-peerĀ (P2P) and person-to-merchant (P2M) transactions.Ā It is used on mobile devices to instantly transfer funds between two bank accounts. The mobile number of the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money.
