economy
India's Unified Payments Interface lets people pay instantly by scanning a QR code or typing a phone number, and it now handles well over 10 billion transactions a month.
UPI stands for Unified Payments Interface, a system built by India's National Payments Corporation and launched in 2016 that links a person's many different bank accounts into one simple mobile app, letting them pay instantly by scanning a QR code or entering a phone number instead of typing out full bank details each time.
Universal Payment Identifier and United Payment Infrastructure are both plausible-sounding but incorrect expansions of the acronym, neither reflects the system's actual official name or origin.
UPI's scale is staggering, handling well over 10 billion transactions in a single month, making it one of the busiest real-time payment systems on Earth and a model other countries have studied closely as they build their own instant-payment networks.
economy
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