Unified Payments Interface (UPI) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) to facilitate inter-bank transactions. The interface is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform.

 

Banks need to think through their security strategies, governance models, and predictive controls to build a secure UPI environment that ensures seamless user experience and at the same time balances security risks.