About
UPI (Unified Payments Interface) is India's real-time account-to-account payment system, operated by the National Payments Corporation of India (NPCI) under Reserve Bank of India oversight and launched on 11 April 2016. Users link bank accounts to a UPI ID in an app such as PhonePe, Google Pay, Paytm or BHIM, then pay by scanning a UPI QR code or entering an ID and confirming with a UPI PIN; money moves between banks instantly, 24/7. As of March 2026, 703 banks were live on UPI, which carried 85% of India's digital payments in FY2025-26. It processed a record 24.51 billion transactions in August 2026.
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News
Pine Labs and WEBXPAY let Sri Lankan merchants accept UPI and Indian cards from visiting shoppers
A new aggregator partnership gives WEBXPAY merchants UPI, Indian cards, net banking and EMI options through their existing integration, with T+1 settlement.
NPCI formally defers India's 0.4% UPI merchant fee until after Diwali
The 0.4% charge on larger UPI merchant payments will no longer start on 15 October; NPCI will set a new post-Diwali date.
