---
title: "Unified Payments Interface (UPI): Definition"
description: "Unified Payments Interface (UPI) is India's instant payment system enabling seamless fund transfers via mobile apps, crucial for financial inclusion."
url: "https://modeldiplomat.com/learn/glossary/unified-payments-interface"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- The Unified Payments Interface is an Indian real-time interbank payment system that lets users transfer funds instantly between bank accounts via mobile applications using virtual identifiers.
- How does UPI differ from IMPS?
- Who operates and regulates UPI?
- Why is UPI relevant to UPSC and policy analysis?
- Does UPI charge transaction fees?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

The Unified Payments Interface is an Indian real-time interbank payment system that lets users transfer funds instantly between bank accounts via mobile applications using virtual identifiers.

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On 21 February 2023, Indian Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong launched the cross-border linkage between India's UPI and Singapore's PayNow, enabling real-time remittances between the two countries.

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