Facts for Prelims (FFP)
Source: The New Indian Express
Context: The Prime Minister virtually inaugurated the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, along with RuPay card services in Mauritius
Unified Payments Interface (UPI) is a real-time payment system in India that allows users to transfer money between bank accounts using a mobile device. UPI is regulated by the Reserve Bank of India (RBI) and was developed in 2016 by the National Payments Corporation of India (NPCI).
UPI allows users to transfer money instantly and for free using a unique UPI ID or a Virtual Payment Address (VPA). Users can also make merchant payments, route funds, and access multiple bank accounts in a single mobile app.
