UPI in Cambodia
About UPI
- Unified Payments Interface (UPI) is a real-time payment system that enables instant money transfers between bank accounts through a mobile application, using a single identifier (like a mobile number or a Virtual Payment Address (VPA)) without needing to enter bank account details.
- It is built on the Immediate Payment Service (IMPS) infrastructure.
Immediate Payment Service:
- IMPS is an instant payment system developed by the National Payments Corporation of India that enables real-time interbank fund transfers.
- It is available 24/7, including weekends and public holidays, allowing users to send and receive money instantly across India.
- With IMPS, any user can transfer funds as low as Rs.1. The per transaction limit on IMPS is Rs. 5 lakh.
- UPI brings multiple bank accounts into a single app and supports various features such as fund transfers, merchant payments, and peer-to-peer payment requests.
- UPI was developed by the National Payments Corporation of India (NPCI) in 2016.
National Payments Corporation of India:
- NPCI is an umbrella organisation for operating retail payments and settlement systems in India.
- It was established in 2008 as a “Not for Profit” Company under the Companies Act 1956 (now Companies Act 2013).
- NPCI is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure and promoting financial inclusion in India.
How is it unique?
- Immediate money transfer through mobile device round the clock 24*7 and 365 days.
- Single Click 2 Factor Authentication.
- Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
- UPI facilitates both peer-to-peer (P2P) and peer-to-merchant (P2M) payments.
Did you know?
- India’s UPI is now the world’s number one real-time payment system. It has surpassed Visa to take the lead in processing daily transactions. UPI handles more than 640 million transactions every day, compared to Visa’s 639 million.
UPI in Other Countries
- UPI is now live in eight countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar.
Why in News?
- The Reserve Bank of India has announced that the UPI services will now be available in Cambodia.