NEWS – India’s Unified Payment Interface (UPI) services will be rolled out in Sri Lanka and Mauritius

UNIFIED PAYMENTS INTERFACE (UPI)

• Real-time payment system
• Developed by the National Payments Corporation of India (NPCI)
• Launched in 2016
• Enables users to link multiple bank accounts to a single mobile application, facilitating peer-to-peer (P2P) and peer-to-merchant (P2M) transactions
• Uses mobile numbers as unique identifiers, allowing users to send and receive money using their registered mobile numbers
• Operates 24/7, including weekends and holidays, providing users with continuous access to banking services
• Transactions incorporate two-factor authentication for security. Users need to enter a Personal Identification Number (PIN) along with the mobile number linked to the UPI application, ensuring the security of transactions
• France, UAE, Mauritius, Sri Lanka, Singapore, Bhutan, and Nepal are the countries that accept UPI payments