Summary
It lets people and shops send and receive money instantly across many banks
Around 66 million payments happen every day, making it the world’s largest real‑time payment system 🌐
Now it works not only in India but also in ten other countries
Key Points
4 points1
Launched on August 25, 2016 by the National Payments Corporation of India
2
Handles about 66 million daily transactions
3
Used by more than 700 banks and over 2,300 crore (23 billion) payments each month
4
Recognized by the International Monetary Fund as the biggest real‑time payment system globally
New Words to Learn
8 wordsUnified Payments Interface
A digital system that lets money move instantly between people and shops
digital
using computers or phones instead of paper
platform
a technology base that lets many services work together
National Payments Corporation of India
The organization that built the Unified Payments Interface
Reserve Bank of India
India’s central bank that watches over money matters
real‑time
happening instantly, without delay
transactions
instances of money being sent or received
International Monetary Fund
A worldwide group that studies economies and money systems
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