While you're right in pointing out that UPI was built against VISA and MasterCard and it is an innovative solution, I would not brand it as a brilliant API.
Recurring charges are currently not supported, we've seen frauds to the tune of 40cr happen already, "text message payments" is not part of the specification. It is a bank transfer method, that happens to run on mobile phones. It uses AES-256 with a static IV, and then calls it a hmac (common library spec).
Also, this is not the Government, but NPCI (which is a private entity held by all major banks in India).
Disclaimer: I work for a payments company in India.
Recurring charges are currently not supported, we've seen frauds to the tune of 40cr happen already, "text message payments" is not part of the specification. It is a bank transfer method, that happens to run on mobile phones. It uses AES-256 with a static IV, and then calls it a hmac (common library spec).
Also, this is not the Government, but NPCI (which is a private entity held by all major banks in India).
Disclaimer: I work for a payments company in India.