UPI: What Happens in the Seconds Between 'Pay' and 'Paid'
Tap Pay, and in a few seconds five organisations talk, your bank checks a PIN it never shows anyone, and the shop's box says 'received'.
Tap Pay, and in a few seconds five organisations talk, your bank checks a PIN it never shows anyone, and the shop's box says 'received'. But the banks haven't actually paid each other yet. How UPI works, why it's free, who pays for it anyway, and how it compares with Brazil's Pix, the US FedNow and the UK's Faster Payments.
Surya · 12 min read