India （INR）

UPI

UPI, known as Unified Payment Interface, is the national unified payment interface of India, a real-time payment system developed by the National Payments Corporation of India, launched in 2016 and regulated by the Reserve Bank of India.

UPI aggregates most of the domestic bank channels and third party payment platform channels in India, PhonePe, Paytm, BHIM app, MobiKwik, Google pay, Uber, Chillr, Paytm Payments Bank, SBI Pay, iMobile, Axis Pay, Bank of Baroda (BOB) UPI and other banking apps or e-wallets support payments through UPI.

Before UPI was launched, the official platform for money transfer services in India was IMPS (Immediate Payments Serives), where consumers were required to provide information such as their bank card number, account name, and IFSC Issuer Identification Number (Indian Financial System Code) to complete the transfer process.