UPI Product Overview
Enterprise-grade Unified Payments Interface platform by M2P Fintech — complete product overview, ecosystem, and capabilities.
Unified Payments Interface (UPI) is India's revolutionary real-time payment system developed by the National Payments Corporation of India (NPCI). Launched in 2016, UPI has transformed digital payments by enabling instant, 24×7 interbank transactions through a simple mobile interface.
| Principle | Description |
|---|---|
| Instant Settlement | Real-time fund transfer between any two bank accounts |
| Interoperability | Works across all participating banks, PSPs, and TPAPs |
| Virtual Payment Address | No need to share bank account or card details |
| Pull & Push | Supports both payment collection (collect) and sending (pay) |
| Two-Factor Authentication | Secure yet seamless via UPI PIN or biometrics |
Dual-Side Processing
M2P can power both sides of the transaction — the PSP side (originating transactions) and the Issuer side (processing debits/credits) — giving banks and fintechs a complete end-to-end UPI infrastructure.
Ecosystem Participants
| Participant | Role | Examples |
|---|---|---|
| NPCI | Central regulatory and operational body governing UPI | NPCI, NBSL (BHIM Vishwas) |
| PSP Banks | Banks that provide UPI service, enabling end-users to register and transact | YES Bank, Axis Bank, ICICI Bank, SBI |
| Issuer Entities | Organizations issuing financial instruments — bank accounts, PPI wallets, RuPay credit cards, credit lines | All member banks, PPI issuers, RuPay CC issuers |
| TPAPs | Third-party apps providing the consumer-facing UPI experience via sponsor PSP | Neobanks, corporate apps, fintech applications |
| Acquirer Entities | Organizations enabling merchants to accept UPI payments | Payment aggregators, merchant platforms, QR deployers |
| TSP / UPI Switch | Technology Service Provider powering the underlying UPI infrastructure | M2P Fintech — across all roles |
UPI Evolution Timeline
- Basic P2P (Person-to-Person) transfers
- Balance inquiry and VPA linking
- Overdraft account linking
- Invoice in inbox
- One-time mandate & pre-authorization
- Signed intent/QR
- Linking of RuPay credit cards
| Feature | Year | Description |
|---|---|---|
| UPI AutoPay | 2020 | Recurring payments for subscriptions, EMI, bill payments |
| UPI Lite | 2022 | PIN-less small-value transactions for faster checkouts |
| Credit on UPI | 2023 | Credit card & credit line transactions via UPI |
| UPI Internationalization | 2023+ | Cross-border payments (Singapore, UAE, Bhutan, Nepal) |
| Delegate Payments (UPI Circle) | 2024 | Third-party payment authorization |
| PPI Interoperability | 2024 | Prepaid wallets fully integrated into UPI ecosystem |
| OS-Native Biometric Auth | 2025 | Fingerprint / Face ID for UPI transactions |
| Contextual Payments | 2025 | IoT and embedded payments in wearables, smart devices |
| NCMC on UPI | 2025 | National Common Mobility Card for metro, bus, toll |
| AutoPay Interoperability | 2025 | Cross-PSP mandate creation and execution |
M2P UPI Platform Overview
Platform Vision
The M2P UPI Platform is designed to be the complete UPI infrastructure backbone for financial institutions:
Launch UPI Services Rapidly
Go-live in weeks, not months — 4–6 weeks on shared tenancy
Cover All GTM Models
PSP, TPAP, Issuer Host, Acquirer — from a single unified platform
Ensure NPCI Compliance
Built-in adherence to all circulars with proactive updates
Scale Effortlessly
10,000+ TPS with auto-scaling and shared tenancy
The Complete M2P UPI Stack
M2P delivers a complete product ecosystem — not just a UPI switch:
What Sets M2P Apart
| Capability | Typical UPI Switch Vendor | M2P UPI Platform |
|---|---|---|
| UPI Switch | ✅ Core offering | ✅ Core offering |
| Prepaid / PPI Stack | ❌ Not available | ✅ Full prepaid issuance platform |
| Credit Card Management | ❌ Not available | ✅ RuPay CC issuance linked to UPI |
| Merchant Management (MMS) | ❌ Separate vendor | ✅ Full MMS — onboarding, QR, settlement |
| Recon & Settlement | ❌ Manual / separate | ✅ Automated recon engine |
| Mobile SDKs | ⚠️ Basic SDK | ✅ Native Android + iOS SDKs |
| Multi-GTM Coverage | ⚠️ Usually 1–2 models | ✅ All GTMs from single platform |
| Shared Tenancy | ❌ Dedicated per client | ✅ Multi-tenant — lower cost, faster onboarding |
Go-To-Market Coverage
M2P's UPI platform serves 7 distinct GTM models from a unified technology stack:
| GTM Model | Description | Status |
|---|---|---|
| Issuer Host — CBS | Process UPI transactions against bank savings/current/OD accounts | 🟢 Production |
| Issuer Host — PPI | Enable wallet interoperability on UPI for PPI issuers | 🟢 Production |
| Issuer Host — RuPay CC | Process UPI transactions against RuPay credit cards | 🟢 Production |
| Issuer Host — CLoU | Process UPI transactions against credit lines | 🟢 Production |
| TPAP Stack | Complete TPAP infrastructure — SDK, backend, NPCI integration | 🟢 Production |
| PSP Stack | Full PSP platform for banks — branded UPI app | 🟢 Production |
| Acquiring — MMS | Merchant onboarding, QR management, settlement | 🟢 Production |
M2P sits between NPCI and the issuer's core system. When a UPI transaction targets the issuer's customer, M2P processes the request, validates with the core system, and responds to NPCI.
M2P provides the complete PSP infrastructure including app-facing APIs, profile management, transaction processing, and NPCI connectivity.
Similar to PSP but the TPAP connects through a sponsor PSP bank. M2P provides the SDK, backend APIs, and manages NPCI integration.
M2P provides merchant-side infrastructure — onboarding, QR generation, payment acceptance, and settlement.
Core Capabilities
NPCI-Compliant Transaction Types
| Transaction Type | Description |
|---|---|
| Pay (Push) | Send money to VPA, account, or via QR/Intent |
| Collect (Pull) | Request money from a customer VPA |
| P2P | Person-to-Person transfer |
| P2M | Person-to-Merchant payment (QR, Intent, Gateway) |
| Balance Enquiry | Real-time account balance check |
| Transaction Status | Check status by RRN, Txn ID, or date range |
| Dispute / Complaint | UDIR-compliant dispute lifecycle |
| Feature | Description |
|---|---|
| Create Mandate | Set up AutoPay (daily, weekly, monthly, yearly, as-presented) |
| Modify Mandate | Update amount, frequency, end date |
| Pause / Unpause | Temporarily suspend/resume mandate |
| Revoke Mandate | Cancel AutoPay |
| Execute Mandate | Process scheduled debit via mandate |
| Lien / Unlien | Block/release funds for mandate execution |
| AutoPay Interoperability | Cross-PSP mandate creation and execution |
| Operation | Description |
|---|---|
| VPA Creation & Management | Create, delete, block, set default VPA |
| Account Discovery & Linking | Multi-bank account discovery and linking |
| UPI PIN Management | Set, change, reset credentials via HSM |
| SIM Binding | Secure device-SIM binding per NPCI guidelines |
| Biometric Authentication | OS-native fingerprint/Face ID |
| UPI Number | 12-digit unique identifier (Central Mapper) |
| Feature | Description |
|---|---|
| UPI Delegate (Circle) | Third-party payment authorization with consent |
| UPI Lite | PIN-less small-value transactions (≤₹500) |
| International UPI | Cross-border payments (SG, UAE, BT, NP) |
| Credit Card on UPI | RuPay credit card transactions via UPI |
| Credit Line on UPI | Credit line disbursement/repayment via UPI |
| PPI Interoperability | Wallet-to-bank, bank-to-wallet via UPI |
| NCMC / Transit | National Common Mobility Card recharge via UPI |
API Coverage
The platform exposes 150+ REST API endpoints:
| Domain | APIs | Key Operations |
|---|---|---|
| Transaction | 60+ | Pay, Collect, Balance, Status, Dispute |
| Profile | 45+ | VPA, Account, Credentials, SIM Binding, Delegate |
| Mandate | 15+ | Create, Modify, Pause, Revoke, Execute, Lien |
| Merchant | 10+ | QR Generation, Payment Gateway, Validation |
| Delegate | 7+ | Add, Auth, Action, Fetch requests |
All APIs are documented with OpenAPI 3.0, secured with OAuth 2.0 + JWT, optionally encrypted (AES-256 payload + RSA session key), and idempotent using txnId/umn for deduplication.
Compliance & Security
Certifications
| Standard | Status | Description |
|---|---|---|
| ISO 27001 | ✅ Certified | Information Security Management System |
| PCI DSS | ✅ Compliant | Payment Card Industry Data Security Standard |
| PCI SSF | ✅ Compliant | Payment Card Industry Software Security Framework |
Security Architecture
Deployment & Scalability
Deployment Models
| Model | Description | Ideal For |
|---|---|---|
| On-Premise | Full control, data residency compliant | Large banks, regulated entities |
| Cloud | AWS / Azure / GCP, Kubernetes, auto-scaling | Fintechs, TPAPs |
| Hybrid | Core on-premise + portals/analytics on cloud | Banks with cloud strategy |
| Managed (SaaS) | M2P-hosted, multi-tenant shared infrastructure | Quick go-to-market |
Performance Specifications
| Metric | Value |
|---|---|
| Uptime SLA | 99.99% |
| Technical Decline Rate | <0.01% |
| Throughput | 10,000+ TPS with auto-scaling |
| P99 Latency | <200ms for transaction processing |
| NPCI Roundtrip | <500ms average |
Getting Started
M2P UPI Stack Capabilities
Detailed technical deep-dive into functional and architectural capabilities
Integration Guide
Step-by-step integration guide organized by GTM model
API Library
Complete API reference with request/response schemas
SDK Guides
Android & iOS SDK setup for PPI and PSP/TPAP
Webhooks
Notification system and webhook callback payloads
Error Codes
Comprehensive M2P and NPCI error code reference
Glossary
| Term | Definition |
|---|---|
| UPI | Unified Payments Interface — India's real-time payment system |
| NPCI | National Payments Corporation of India — central governing body |
| VPA | Virtual Payment Address (e.g., user@bankhandle) |
| PSP | Payment Service Provider — Bank offering UPI services with own handle |
| TPAP | Third-Party Application Provider — Apps connecting via sponsor PSP |
| CBS | Core Banking System — Bank's account management platform |
| PPI | Prepaid Payment Instrument — Wallets and prepaid cards |
| CLoU | Credit Line on UPI — Pre-approved credit line accessible via UPI |
| MMS | Merchant Management System — Platform for merchant onboarding & management |
| KMaaS | Key Management as a Service — Centralized encryption key management |
| RRN | Retrieval Reference Number — Unique transaction identifier |
| UDIR | UPI Dispute & Issue Resolution — NPCI dispute framework |
| AutoPay | UPI mandate-based recurring payments |
| HSM | Hardware Security Module — Tamper-resistant crypto device |
| TSP | Technology Service Provider — Company providing UPI infrastructure |