Unified Payments Interface (UPI), India's domestically grown payments platform achieved a mark of one billion transactions in October, a Times of India report said. It also crossed 100 million users, the fastest adoption of any payments system anywhere in the world. UPI has achieved these two milestones in 3 years of its launch.
According to the news report, National Payments Corporation of India (NPCI), the operator of the platform is planning to enable the acceptance of UPI globally, starting with Singapore and UAE.
The UPI system allows users to instantly transfer money between any two bank accounts using Aadhar number, mobile number, virtual payments address or by scanning QR code over UPI-based applications on smartphones. The payments interface is built over the IMPS infrastructure which means it is 24/7 and instant.