Is UPI based on blockchain?

03 Oct 2022

UPI and blockchain operate separately:

On the one hand, Unified Payments Interface (UPI) is a mobile application that enables users to transfer money between different accounts.

This single-window payment system is a product of the National Payments Corporation of India (NPCI). It eliminates the need for customers to enter bank account information or other sensitive information every time they initiate a transaction.

On the other hand, a blockchain is a digitally decentralized public ledger that records transactions in banking, healthcare, supply chain, and retail.

Though we are uncertain about the future of blockchain technology, there have been a few examples of real-world uses for blockchain. To illustrate, PayCEC has used blockchain for payment processing to expedite transactions done on the payment gateway.

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• Crypto payment gateway
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