A Study on Digital Public Infrastructure and Unified Payments Interface of India

Unified Payments Interface (UPI) is India's National Payments Corporation’s innovation pertaining to real-time financial system. UPI has commendably challenged standing of credit and debit cards in India. The triumph of UPI in India is so substantial that it is projected that by 2026 UPI payments will contribute to 1.12 percent boost in India's GDP as per PwC report. It expedites interbank exchanges among mobile-affiliated bank accounts. UPI is lauded for its user-friendly attributes, rapidity and broad reach within India's digital monetary milieu. Transactions are inaugurated through UPI-enabled mobile applications affording spectrum of avenues like UPI ID, QR codes or mobile numerals. Globally countries are increasingly evincing interest in adopting UPI-like technologies due to their user-friendly nature and interoperability. Bhutan in 2021 became pioneer in adopting UPI standards for QR Codes while Nepal correspondingly embraced India's UPI methodology for seamless digital transactions. In this study we explore various facets of UPI from Digital Public Infrastructure perspective and the impact UPI has had on Digital transactions landscape of the country.