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To: State Bank of India

India Unified Payment Interface (UPI: Unified Payment Interface) Consultation Outline

I. Basic information about UPI

1. Introduction, development history, and current situation of UPI (including but not limited to the reasons for launching, historical important promotion/reform nodes, market share, further development initiatives, etc.).
2. Is the payment interface of the UPI customized by the platform APP, or by the Reserve Bank of India, or the National Payment Corporation of India (NPCI)? If it is packaged by the platform itself, how can we ensure that the customer's payment instructions cannot be tampered with?
3. Is UPI a decentralized independent interface only used as a capital circulation channel, or is it a system independently developed by commercial banks at the front end and operated and managed by NPCI at the back end for capital clearing, or something else?
4. A special feature of UPI is that it has achieved binding with India's real-name authentication system Aadhaar. What support does binding the Aadhaar system provide for the smooth operation of UPI?
5. Is UPI related to Open Bank (API)?

II. About the business characteristics of UPI 6. UPI's business characteristics and main business rules, business processes, clearing and settlement processes. 7. Why does the Reserve Bank of India particularly emphasize the interconnection (interoperability) of UPI? What are the mandatory contents of interconnection? 8. Is the user's virtual payment address (VPA) for the transaction generated by UPI or by the user's cardholder? 9. Send, pull, and e-commerce platform transaction business process cases (information flow, capital flow introduction). Does the platform have to access UPI through the bank? What's the reason? Is there a guaranteed payment mode similar to that of Taobao and Alipay in India's e-commerce platform transactions, and does UPI have a payment solution (if not, is there a recommended solution)? 10. Does UPI need to authenticate platform merchants? If yes, please introduce the validation subject, validation process, and audit content. 11. What are the main business scenarios of UPI? What is the difference between the business scenarios that other mainstream online payment methods (such as E-wallet, Netbanking, BBPS, BharatQR, etc.) rely on? 12. Does UPI have a transaction limit? If yes, what are the considerations for this limit? 13. How is the UPI interface managed? 14. From a technical perspective, what is the relationship between UPI and small loan company APP, e-commerce platform APP, and how independent are they? How to ensure that customers' personal information is fully protected when using UPI in Fintech APP? 15. The UPI cross-border payment business process and clearing and settlement process of India and Singapore cooperation (background: the Indian and Singapore governments have officially completed the UPI PayNow connection, allowing real-time cross-border remittance. This cooperation involves the Reserve Bank of India (RBI), the Monetary Authority of Singapore (MAS), and the payment industry. Please also provide access to the latest business information.

III. On the implementation effectiveness of UPI 16. How does UPI break the monopoly of the Indian mobile wallet on the mobile payment market? What is the key reason? 17. How does UPI achieve docking and cooperation with payment applications such as PhonePe, Paytm, and Google Pay? 18. What obstacles did UPI encounter in the promotion process? How are they solved?

IV. Other issues 19. From the perspective of supervision, is there any management loophole in UPI at present, and is there any potential risk such as money laundering? UPI 2.0 already supports credit card binding. Is there any cash-out problem? How to prevent and solve? 20. We note that according to the latest data of NPCI, the number of Indian UPI transactions in February 2023 fell 6.25% month on month to 7.53 billion. In the same month, the transaction value of UPI also decreased by 4.84% to 12.36 trillion rupees. How to interpret this phenomenon? 21. Are there any banks or payment institutions in China that know UPI better? 22. Is there any comprehensive, authoritative, in-depth, and timely literature about UPI technology, including but not limited to official reports, academic papers, and other materials?

Revised Version:

To: State Bank of India

India Unified Payment Interface (UPI) Consultation Outline

I. Basic Information About UPI

1. Provide an introduction to UPI, its development history, and current situation, including the reasons for its launch, historical milestones, market share, and future development initiatives.
2. Clarify whether the payment interface of the UPI is customized by the platform APP, Reserve Bank of India, or National Payment Corporation of India (NPCI). If customized by the platform, explain how customer payment instructions are protected from tampering.
3. Describe whether UPI is a decentralized independent interface solely used as a capital circulation channel or a system independently developed by commercial banks at the front end and operated and managed by NPCI at the back end for capital clearing, or something else.
4. Explain how binding with India's real-name authentication system Aadhaar supports the smooth operation of UPI.
5. Discuss UPI's relationship with Open Bank (API).

II. Business Characteristics of UPI 6. Explain UPI's business characteristics, main business rules, business processes, and clearing and settlement processes. 7. Clarify why the Reserve Bank of India emphasizes the interconnection (interoperability) of UPI and list the mandatory contents of interconnection. 8. Outline whether the user's virtual payment address (VPA) for the transaction is generated by UPI or the user's cardholder. 9. Provide examples of send, pull, and e-commerce platform transaction business process cases (information flow, capital flow introduction), and explain whether the platform has to access UPI through the bank and why. Clarify whether there is a guaranteed payment mode similar to Taobao and Alipay in India's e-commerce platform transactions, and explain whether UPI has a payment solution (if not, provide a recommended solution). 10. Explain whether UPI needs to authenticate platform merchants and introduce the validation subject, validation process, and audit content if necessary. 11. List the main business scenarios of UPI and describe the differences between the business scenarios that other mainstream online payment methods (such as E-wallet, Netbanking, BBPS, BharatQR, etc.) rely on. 12. Explain whether UPI has a transaction limit and what considerations are taken into account when setting it. 13. Describe how the UPI interface is managed. 14. Explain the technical relationship between UPI and small loan company APP, e-commerce platform APP, and how independent they are. Also, describe how customer personal information is protected when using UPI in Fintech APP. 15. Provide information on the UPI cross-border payment business process and clearing and settlement process of India and Singapore cooperation. (Note: The Indian and Singapore governments have officially completed the UPI PayNow connection, allowing real-time cross-border remittance. This cooperation involves the Reserve Bank of India (RBI), the Monetary Authority of Singapore (MAS), and the payment industry.)

III. Implementation Effectiveness of UPI 16. Explain how UPI breaks the monopoly of the Indian mobile wallet on the mobile payment market and what the key reason is. 17. Describe how UPI achieves docking and cooperation with payment applications such as PhonePe, Paytm, and Google Pay. 18. Discuss any obstacles UPI encountered in the promotion process and how they were resolved.

IV. Other Issues 19. From the perspective of supervision, describe whether there are any management loopholes in UPI at present, and whether there is any potential risk such as money laundering. Explain whether UPI 2.0 supports credit card binding and whether there is any cash-out problem, and explain how to prevent and solve any issues. 20. Interpret the latest data of NPCI, which shows that the number of Indian UPI transactions in February 2023 fell 6.25% month on month to 7.53 billion, and the transaction value of UPI also decreased by 4.84% to 12.36 trillion rupees. 21. Explain whether there are any banks or payment institutions in China that know UPI better. 22. Provide sources of comprehensive, authoritative, in-depth, and timely literature about UPI technology, including official reports, academic papers, and other materials.

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