History
In April 2009, the National Payment Corporation of India was formed with the objective to integrate all the payment mechanisms available in the country and make them uniform for retail payments. By March 2011, RBI found out that in India only six non-cash transactions happen every year per individual citizen while 10 million retailers accept card-based payment. Around 145 million families have no access to any form of banking. There is also the problem to tackle black money and corruption that happens mostly in cash.
RBI in 2012 released a vision statement for a period of four years that indicated commitment towards building a safe, efficient, accessible, inclusive, interoperable and authorized payment and settlement system in India. It is part of the Green Initiative to decrease the usage of paper in domestic payments market. UPI was officially launched in 2016 for public use.
Under RBI guidance, NPCI became the primary body with the task to develop a new payment system that is simple, secure, and interoperable. UPI works on four pillar push-pull interoperable model where there will be remitter/ beneficiary front end PSP (payment service provider) and remitter/beneficiary back end bank that settles the monetary transaction for the users. As per CEO of Netmagic Solutions, UPI became one of the most successful deep-tech innovation coming out of India.
In December 2019, noting the success of UPI, Google suggested to the US Federal Reserve Board the development of FedNow, a real-time payment system for United States.
With exponential growth of UPI, India became the world's largest real-time payment market with 25.50 billion annual transactions in 2020 as per data from ACI Worldwide and GlobalData leaving behind China and United States.
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