India’s Unified Payment Interface (UPI) is now available in Sri Lanka and Mauritius. UPI is an Indian instant payment system developed by National Payment Corporation of India.
UPI payment system is very famous due to its simplicity. It is used in mobile devices to transfer funds from one bank to another. UPI payment system is regulated by Reserve Bank of India (RBI).
It has now been used by different countries around the world, which includes France, UAE, Nepal, Bhutan, Singapore, Sri Lanka and Mauritius.
UPI transactions are instant and available 24/7, regardless of the bank’s working hours. After registering your bank account with UPI app (including Google Pay, Paytm, Phone Pay etc.). You have to set UPI pin that you will use for online transaction.
UPI has also been used in small shops and street vendors that make the payments directly to their bank accounts that make the transaction transparent.