What is the UPI initiative in India?

Unified Payments Interface (UPI) is India's real-time payment system, connecting multiple bank accounts into a single mobile application. It merges several banking features, seamless fund routing, and merchant payments. Launched in 2016 and backed by the Indian government and the Reserve Bank of India, UPI enables instant, 24/7 transfers between bank accounts via a mobile device. It is owned by the National Payments Corporation of India (NPCI) and is a critical infrastructure for digital transactions in the country.