Is UPI open banking?

Yes, the Unified Payments Interface (UPI) is considered a form of open banking in India. Developed by the National Payments Corporation of India (NPCI), it utilizes an open architecture and application programming interface (API) that allows different banks and authorized third-party applications to communicate securely. This framework enables:

• Interoperability between different financial institutions and service providers.
• Seamless, real-time fund transfers using a single mobile platform.
• Secure access to banking services without sharing sensitive bank account details directly with third parties.