• JAYARAM NARAYANAN

India’s tech prowess was on display when it built and delivered its digital payments system Unified Payments Interface or UPI. Since its inception in 2016, UPI has achieved various milestones and has become the most preferred mode of payments among Indians. Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI) facilitating inter-bank peer-to-peer (P2P) and person to-merchant (P2M) transactions. The interface is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform. In the covid pandemic when social distancing is the most critical norm, the Unified Payments Interface (UPI) is like a godsend. The instant real-time payment system has turned out to be the best financial innovation post-Independence in India and has begun in earnest the process of replacing the cash economy altogether. It has contributed its might to make the country one of the fastest growing digital economies in the world.

Unified payment interface, National Payments Corporation of India, Financial inclusion

"A STUDY ON GROWTH OF UPI APPS IN INDIA AFTER COVID OUTBREAK", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.8, Issue 9, page no.c333-c338, September-2021, Available :http://www.jetir.org/papers/JETIR2109243.pdf

"A STUDY ON GROWTH OF UPI APPS IN INDIA AFTER COVID OUTBREAK", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 9, page no. ppc333-c338, September-2021, Available at : http://www.jetir.org/papers/JETIR2109243.pdf