Is UPI government-backed?

Yes, UPI (Unified Payments Interface) is a government-backed initiative. It was developed by the National Payments Corporation of India (NPCI), which is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA). This digital payment system is regulated by the RBI and operates under the provisions of the Payment and Settlement Systems Act, 2007. The Government of India provides significant institutional support and periodically provides subsidies to maintain its digital infrastructure, ensuring it remains a secure and accessible utility for all citizens.