Abstract
This paper focuses on theresearch conducted from the inside out on the Unified Payment Interface (UPI), a cutting-edge payment system adopted by India and introduced by the National Payment Corporation of India. A mobile-centric, real-time interbank payment system called Unified Payment Interface has the power to revolutionize and democratize digital payment in India. This study charts the development of India’s payment systems and thoroughly analyse the Unified Payment Interface’s technology, concentrating on its design and security system through an empirical and theoretical literature review.UPI has shown strong user adoption and represents a major improvement over the current payment system in terms of cost, consumer ease of use, settlement timeframes, and security. Because of its modular Application Programming Interface (API) based architecture, it will be possible to create creative consumer solutions.
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