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UPI Guideline Statement for Macro Templates and Previously Created Text in  Form

UPI Guideline Statement for Macro Templates and Previously Created Text in Form

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hi welcome back to the third installment of the workshop series on instant payments in this session we are going to understand UPI or unified payment interface the hugely popular instant payment service of India where we have an annual transaction rate of over 40 billion transactions making it the world's most popular instant payment mechanisms so let's go back to trace the history of UPI it all started in 2005 with the good old naft or the electronic funds transfer which is a batch a processing mechanism monitored by the Reser Bank of India and of course we know that the it is not an instant payment in 2010 imps was launched primarily because of the need for instant payment and the proliferation of mobile phones now there were certain inherent drawbacks of imps which you are going to see in the next slide which led to the introduction of the huge the popular UPI in 2016. and ever since there has been no looking back more and more features like UPI light Etc has been ad

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