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Published in:
2018 | OriginalPaper | Chapter
Unified Payment Interface—A Way Ahead for Demonetization in India
Authors : Shweta Bhardwaj, Manish Kaushik
Published in: Smart Computing and Informatics
Publisher: Springer Singapore
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Abstract
The payments infrastructure in banking has seen a rapid development in India over the last few years. With the ever-increasing smartphone penetration in India (over 220 million in Feb 2016—Counterpoint Research) and the growth of Internet, there has been a focus to take banking to the mobile phone. There has seen a rapid growth of digital payment systems—National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS), Immediate Payments Service (IMPS), and mobile application transfer compared to the manual payment methods. The latest addition to the list is UPI (Unified Payments Interface). This paper covers the basic model of UPI, how it can be used in different business transactions and usage scenarios have been analyzed.