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What is UPI transactions?

• captn3m0 7y ago
  Its a mobile banking platform in India, which enable money transfers b/w Bank accounts as well as to various merchants on the platform. PhonePe, the leading UPI-provider app was running it with Yes Bank as the partner, but the bank went down.
  • mkagenius 7y ago
    so NEFT?
    • sfifs 7y ago
      No there's a separate system for NEFT. UPI is a central bank mandated payment gateway standard. It runs on top of an instant settlement system called IMPS. Implementations tend to be very low cost but there's a cap on transaction size. It's very likely now that Visa and Master Card network will never penetrate in India beyond the wealthy class that travels abroad. This was kind of a pre-emptive strike to keep rent seeking companies at Bay.