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UPI (Unified Payments Interface)
UPI, built by the National Payments Corporation of India, lets anyone send money instantly between bank accounts using a phone number, QR code or UPI ID, around the clock. It works across apps such as PhonePe, Google Pay and Paytm.
Why It Matters
UPI made India one of the world’s most digital payment economies, with tea stalls and vegetable carts taking payments by QR code.
In India
UPI crossed 20 billion transactions in a single month in 2025. Most payments to small merchants carry no fee for the customer or the shop.
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