The UPI payment system was launched in 2016 by the state-owned National Payments Corporation of India, the umbrella organisation that manages most digital payments in the country
India’s Unified Payments Interface or UPI now fulfils the majority of all digital transactions in the country. In October, the real-time payment service was responsible for over 50.49% of all digital transactions, according to data from Razorpay, a Bengaluru-based payment gateway.
