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Unified Payments Interface (UPI) is an Indian instant payment system and protocol developed by NPCI in 2016. It facilitates inter-bank transactions on mobile devices using UPI ID or mobile number, and has over 300 million monthly active users and 12.20 billion transactions in January 2024.
Kotak Mahindra Bank is an Indian banking and financial services company with a history dating back to 1985. It offers various products and services for corporate and retail customers, and has a presence in GIFT City and DIFC (Dubai).
BillDesk is a private company founded in 2000 that provides online payment platform for banking and merchant website transactions. It has subsidiaries such as Loylty Rewardz and Jocata, and was valued at $2.5 billion in 2021.
Airtel Payments Bank is an Indian subsidiary of Bharti Airtel that offers banking services and products. It has over 155 million users, 500,000 banking points, and a digital platform for UPI, FASTag, insurance, pension, and gold.
BHIM (Bharat Interface for Money) is a state-owned app that allows users to transfer money between bank accounts using UPI. It supports 20 languages, has over 12.5 million users, and was launched in 2016 by Prime Minister Modi.
NPCI is a not-for-profit company that operates retail payments and settlement systems in India, under the provisions of the Payment and Settlement Systems Act, 2007. It offers various services such as Aadhaar Enabled Payment System, Bharat Bill Payment System, RuPay, UPI, BharatQR and more.
A payment gateway is a service that authorizes and processes online payments for e-businesses, online retailers, or brick and mortar stores. It transfers information between a payment portal and the acquiring bank, and may offer fraud screening, tax calculation, and white label options.
RuPay is a domestic payment system and card scheme launched by the National Payments Corporation of India in 2012. It aims to reduce dependence on international payment networks and offer various products such as debit, credit, prepaid and government scheme cards.