This vision was a part of a green initiative system, one of the objectives of which was to reduce the use of paper. This led to the birth of the United Payments Interface or UPI.UPI was launched for public use in April 2016. UPI was developed to remove all the friction in digital payments and create an easy, secured way to transact money. It didn't catch much of the public attention until one day.
UPI debarred the need of entering bank or card details before every transaction. Every user has a unique Virtual Payment Address which is a combination of a username and a customer’s bank account. A customer is not forced to use a particular system and is free to use the platform that they want. This is one of the main reasons behind the major success and social acceptance of UPI. Companies always thrive to provide the best features to gain more customers which creates a competitive market for third-party payment applications.Interoperability was included in the mission statement of UPI.
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