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Upi Final

UPI is a real-time payment system developed in India that allows users to instantly transfer funds between bank accounts using a virtual payment address. It has increased financial inclusion and reduced dependency on cash/traditional banking. UPI supports peer-to-peer, peer-to-merchant, and bill payments through integration with banks and apps. Security features include two-factor authentication, and UPI has experienced rapid adoption through government initiatives like demonetization. Future developments aim to address cybersecurity and allow international expansion of UPI.

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Aryan Soni
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54 views12 pages

Upi Final

UPI is a real-time payment system developed in India that allows users to instantly transfer funds between bank accounts using a virtual payment address. It has increased financial inclusion and reduced dependency on cash/traditional banking. UPI supports peer-to-peer, peer-to-merchant, and bill payments through integration with banks and apps. Security features include two-factor authentication, and UPI has experienced rapid adoption through government initiatives like demonetization. Future developments aim to address cybersecurity and allow international expansion of UPI.

Uploaded by

Aryan Soni
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Title: Unveiling the

Power of UPI"

Submitted by – Aryan soni Submitted to – Miss Vaishali singh


MBA 1’st year Design Thinking
Introduction -UPI
• Definition: Unified Payments Interface is a
real-time payment system developed by the
National Payments Corporation of India
• Evolution: Launched in 2016, UPI has
transformed the way India transacts,
becoming a cornerstone of the digital
economy
• Objective: To create a platform that simplifies
peer-to-peer and peer-to-merchant
transactions, promoting financial inclusion
How UPI Works

• Registration: Users link their bank accounts to a UPI-


enabled app
• Virtual Payment Address : Unique identifier linked to
the bank account for transactions
• Seamless Transactions: Send or receive money
instantly using the VPA without disclosing sensitive
information
UPI Ecosystem
• Banks and Apps: UPI is integrated into
various banks and mobile payment apps
• Diverse Transactions: Beyond peer-to-
peer transfers, UPI supports bill payments,
merchant transactions, and more
• QR Codes: Facilitating quick and secure
transactions by scanning QR codes
Impact on Banking
• Financial Inclusion: UPI has played a crucial role in
bringing the unbanked population into the formal
financial system
• Reduced Dependency: Users can transact without the
need for physical cash or traditional banking channels
Two-Factor Authentication:

Security Measures- UPI transactions require both a


UPI PIN and a mobile number
verification
Growth and Adoption
• Rapid Adoption: UPI has experienced
exponential growth in transaction volumes
• Government Initiatives: Support from
government policies, such as
demonetization, fueled UPI adoption
• Overdraft Facility: UPI 2.0 introduced the
concept of an overdraft facility for users
UPI 2.0 Features • Invoice in the Box: Enabling users to
receive invoices along with payment
requests
Challenges and
Future Developments

• Cybersecurity Concerns: Addressing the


increasing cybersecurity threats to
safeguard UPI transactions
• International Expansion: Exploring
opportunities for UPI to go beyond national
borders
Case Studies

• Success Stories: Highlighting instances


where UPI has positively impacted
businesses, individuals, and the economy
Conclusion

• Recap: UPI's journey from inception to


revolutionizing digital transactions
• Future Prospects: Anticipating further
innovations and enhancements in the UPI
ecosystem

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