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Unified Payments Interface (UPI) is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
UnionPay (Chinese: 银联; pinyin: Yínlián), also known as China UnionPay (Chinese: 中国银联; pinyin: Zhōngguó Yínlián) or by its abbreviation, CUP or UPI internationally, is a Chinese state-owned financial services corporation headquartered in Shanghai, China.
BHIM (Bharat Interface for Money) is an Indian state-owned mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, [ 1 ] it is intended to facilitate e-payments directly through banks and encourage cashless transactions.
The QR code system was invented in 1994 by Masahiro Hara from the Japanese company Denso Wave. [4]In December 2010, the first documented description of QR code-based payments came from two patents filed by Shaun Cooley and Andrew Charles Payne, based on a prototype system developed for Norton Labs at Symantec called Norton Mobile Pay.
Tez was a mobile payments service by Google, targeted at users in India, [1] later folded into the new Google Pay app on 28 August 2018. [2] It operated atop the Unified Payments Interface, developed by the National Payments Corporation of India. [3]
PhonePe Type of business Private Type of site Digital payments & Financial services Available in Multilingual (11) Founded 2015 ; 9 years ago (2015) Headquarters Salarpuria Softzone, Bengaluru, Karnataka, India Area served India Founder(s) Sameer Nigam (Co-Founder & CEO) Rahul Chari (Co-Founder & CTO) Burzin Engineer (Co-Founder & CRO) Industry Fintech, Financial services, Payment gateway ...
Users download UPI supporting app from app stores on their Android or iOS device, link and verify their mobile number with the bank account by sending one outgoing SMS to app provider, create a virtual payment address (VPA) which auto generates a QR code and then set a banking PIN by generating OTP for secure transactions.
UAE is the first country in the Gulf where RuPay was launched. [126] In Abu Dhabi on 3 October 2023, NIPL and Al Etihad Payments signed a MoU to facilitate cross-border transactions and establish a domestic card program for the UAE based on the RuPay debit and credit card stack. [ 127 ]