The pilot project for UPI was launched in which year?
- AOption (a)
2016
- BOption (b)
2014
- COption (c)
2004
- DOption (d)
2010
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Correct answer
2016
Why this answer is correct
The correct answer is 2016
Key Points
- The pilot project for Unified Payments Interface (UPI) was launched on April 11, 2016 in Mumbai.
- The National Payments Corporation of India (NPCI) operated the pilot project.
- UPI is a system that allows users to make payments using multiple bank accounts through a mobile app.
- It combines several banking features, fund routing, and merchant payments into one platform.
Additional Information
- UPI is an advanced version of the Immediate Payment Service (IMPS).
- UPI allows users to make peer-to-peer requests, which can be scheduled and paid as needed.
- Banks began uploading their UPI-enabled apps to the Google Play store on August 25, 2016.
- In March 2022, the Reserve Bank of India (RBI) launched UPI123Pay, a UPI payment facility for feature phones.
- Participants in UPI
- Payer PSP (Payment service Provider)
- Payee PSP
- Remitter Bank
- Beneficiary Bank
- NPCI (National Payments Corporation of India)
- Bank Account holders
- Merchant