January 5, 2023

Unified Payment Interface (UPI)- Transforming the digital payment ecosystem

Looking about 10 years back, who could have thought that there will be a payment method that will make the whole payment experience simple and effective? We now know…its UPI!, The advent of UPI as otherwise called Unified Payment Interface has created a major evolution of the digital payment ecosystem.

So, what is UPI and how did it create this major revolution in the Indian digital payment ecosystem?

UPI is a system where it powers multiple bank accounts into a single mobile application that comprises any participating bank (integrating various banking features), smooth fund routing, and merchant payments into one single platform. Additionally, it also facilitates the “Peer to Peer” collection request which can be modified, scheduled, and paid as per their requirement and convenience.

History of UPI- Where did it all start?

The National Payment Corporation of India was formed in April 2009 to create a unified payment platform.

By March 2011, RBI found that only six non-cash transactions happened in India every year per individual citizen while 1 crore retailers accepted card-based payments. Almost 145 million families couldn’t have access to any form of banking. Amidst this scenario, there was a huge possibility of black money and corruption since transactions were taking place in the form of cash. To build a robust and secure payment platform, NPCI became the primary body under the guidance of RBI in launching the platform on 11th April 2016 by Dr. Raghuram Rajan, former RBI governor in Mumbai. This is the point where the epic journey of UPI started to begin.

With the success of UPI, India began to witness exponential growth in digital payments. Moreover, the transactions found a huge growth as the value touched Rs. 80 Trillion transactions in the financial year 2022.

How is it unique?

UPI- Benefits to the ecosystem

UPI is growing at a tremendous pace. Finally, payment companies on a quest for a unified platform have begun to witness the technological marvel. Thus, it will continue to raise the bar and will invariably grow. In a nutshell, UPI is a safe bet for industries looking out for a robust and safe payment system. Data reveals that UPI will reach a sky-high position with a value of Rs. 3,191 billion by the end of 2025-2026. –

In addition, UPI fosters quick payment collections and payment aggregators will try to corner the market creating a safe and secure payment platform giving a seamless experience throughout their customer’s payment journey.

Why CAMSPay’s UPI?

Are you on the go for selecting the right payment aggregator? You are in the right place.

As you are aware, UPI is indeed all the rage now, expediting payment collections. CAMSPay is the platform that will make your collections safe and secure. We are a PCI DSS-certified payment platform and we offer robust Payment APIs and technology enabling quick payment collections. In addition, we provide a stellar customer experience throughout the payment journey.

We make sure that we raise the bar and will keep our clients in the upper hand by giving a seamless service.

What do we offer?

  • Powerful APIs for payment collections and disbursements
  • Accept payments using any UPI-enabled APPs including WhatsApp, GPay, PhonePe, PayTM, BHIM, and 47 + apps
  • Supports TPV for 200 + Banks with real-time settlement
  • Supports Intent, Collect, and QR variants for seamless acceptance
  • Real-time insights and reports

To encapsulate, our UPI platform will steer and cater to all the benefits specified above.- We are looking forward to hearing through your requirements and offering you the best solution ever. Share us your details and our team will connect with you soon.

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