Definition
Unified Payments Interface – India's real-time, bank-account-to-bank-account payment rail, built and governed by the National Payments Corporation of India (NPCI), that lets a user pay directly from any linked bank account via a mobile app without routing through a card network. Since MDR» on UPI transactions has been regulated to zero since 2020, UPI volume (GMV») itself carries no direct payments revenue for a platform — which is why a payments company's disclosures often separate out "non-UPI" volume (cards, wallets, EMI, and other instruments that do carry a take rate») as the more direct driver of revenue growth. Found In: Operating metrics disclosure (not a financial-statement line item)