Unified Payment Interface (UPI)

You're in Mumbai and just had a delicious meal of potato masala. You want to pay the restaurant owner using your smartphone, so you break out the unified payment interface.

The UPI is a smartphone app developed by National Payments Corporation of India that allows real-time, peer-to-peer payment. The money comes directly out of your account and goes into the account of the restaurant owner.

The process is under the regulatory umbrella of the Reserve Bank of India, the country's central bank.