Re:UPI: India's Unified Payments Interface
by captn3m0 on Sunday August 09, 2020 @04:16AM
(#24098166)
Just to clarify, set-up here means that the RBI gave it permission and authority to operate retail payments in India.
It is not controller by the government and is a separate entity that more or less operates as a conglomerate of major banks.
"National Payments Corporation of India (NPCI) is a non-profit set up by the Government of India to facilitate digital payments. They facilitate many payment schemes (like IMPS, BBPS, FASTag, etc.)"