UPI: Anatomy of a Payment Transaction Reveals the Hidden Chain

UPI: Anatomy of a Payment Transaction

I trace the invisible journey of a UPI payment, from scanning a QR code to the green tick. While apps like PhonePe and Google Pay dominate the interface, the real work happens behind the scenes. I explain how your sponsor bank signs the request, how the NPCI switch routes it, and why money always leaves your account before it arrives at the recipient's. This process, handling billions of transactions, relies on a precise handover between organizations you never see.

"The money always leaves before it arrives, never the other way round."