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A real game changer

Unified Payment Interface is a radical step forward

Business Standard Editorial Comment  |  New Delhi 

The Unified Payment Interface (UPI), which was launched last week, is a radical step forward that could help take financial inclusion to a new level by making many retail transactions unprecedentedly easy. If it works as envisaged, it will radically simplify micro-payments. In theory, the UPI operates quite simply. The National Payments Corporation of India (NPCI), an umbrella organisation set up by the Reserve Bank of India and commercial banks, has released a simple app. Any entity with a smartphone, an Aadhaar number and a bank account can download the UPI app and create an account with a ...

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First Published: Mon, April 18 2016. 21:38 IST
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