After demonetization, there was a massive requirement for currency notes, but the government was unable to provide
the required quantity of currency notes, and also Indian government wanted to promote cashless transactions. UPI is built over
Immediate Payment Service (IMPS) for transferring funds using Virtual Payment Address (a unique ID provided by the bank).
Unified Payments Interface is a payment system launched by (NPCI), which is National Payments Corporation of India, and is
regulated by the (RBI) Reserve Bank of India, which provides the facility of instant fund transfer between two bank accounts
online through payment apps.
