What is UPI(Unified Payments Interface) used in India and how does it work?
In: Technology
Ok so rather than having comparatively expensive card readers any business or person can accept digital payments by showing a unique QR code that can be scanned by a smartphone app and paid from a connected bank account. UPI is the standard that many companies can implement in order to create their own apps that make these payments etc.
The whole thing works really well and is pretty close to Apple Pay or contactless cards in terms of speed and convenience (caveat being you need mobile data for it to work).
For a country with very high smart phone usage and large numbers of previously small cash based businesses that wouldn’t want to invest in more complex payment processing offerings it’s been transformational.
There are some drawbacks and criticisms but we’re getting beyond EILI5.
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