← Embedded Finance Index 2026/Rail

UPI

Money-movement rail

The Unified Payments Interface is India's instant account-to-account rail, built and operated by the National Payments Corporation of India since 2016. It settles rupee payments between bank accounts in real time, 24/7, addressed by virtual payment address or QR code, and is the most-disclosed non-US rail in this dataset.

www.npci.org.in
OperatorNational Payments Corporation of India (NPCI)
TypeInstant A2A (INR)
RegionIndia
Companies on UPI
56 companies name UPI in their sourced stack
AgodaAirpayBharatPeCasheCredDecentroDigit InsuranceEasebuzzEbanxEbixCashePayLaterEurobankFi MoneyFinzFlipkartGrowwHDFC BankICICI BankIppbJupiterJuspayKhatabookKinara CapitalKreditbeeLendingkartLiqui LoansM2P FintechMaharashtraMobikwikMswipeNeokredNiyoNpciNpci InternationalOlaOnecardOpen Financial TechnologiesPaynearbyPaytmPm ModiReplitRupayRupifiSbiSetuSliceState Bank of IndiaTata CapitalTonetagUnionpayUnionpay InternationalUpiUpi SwitchUpstoxZaakpayZoho
Other money-movement rails
ACHRTPFedNowVisa DirectMastercard SendFedwireWireSWIFTSEPA InstantSEPAWeroiDEALFaster PaymentsPixPush-to-card