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UPI Unified Payment Interface Malayalam | UPSC CSE

What is UPI? How it works Why credit card is linking with UPI and Advantages

What is UPI and Issues

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    • UPI
      • What is UPI? How it works Why credit card is linking with UPI and Advantages

UPI (Unified Payment Interface)

  • an advanced version of Immediate Payment Service (IMPS)
  • UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
  • The National Payments Corporation of India (NPCI) operates a number of systems, including the National Automated Clearing House (NACH), Immediate Payment Service (IMPS), Aadhaar enabled Payment System (AePS), Bharat Bill Payment System (BBPS), RuPay, and others.
  • UPI is currently the biggest among the National Payments Corporation of India (NPCI) operated systems.
  • Top UPI apps today include PhonePe, Paytm, Google Pay, Amazon Pay and BHIM, the latter being the Government offering.
  • NPCI launched UPI with 21 member banks in 2016

Challenges:

  • The threat of cybercrime in the global banking and financial services industry has increased. E.g. Malicious Software Cerberus
  • Fraudulent claims, chargebacks, fake buyer accounts, promotion/coupon abuse, account takeover, identity theft, card detail theft and triangulation frauds are emerging as challenges.

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Learnerz IAS: UPI Unified Payment Interface Malayalam | UPSC CSE
UPI Unified Payment Interface Malayalam | UPSC CSE
What is UPI? How it works Why credit card is linking with UPI and Advantages
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