The UPI payment solution has been released to the world
Launched in 2016, Unified Payments Interface (UPI) is an instant money transfer software created by the National Payments Corporation of India (NPCI). Since its launch, the software has helped facilitate online payments across various segments of the Indian business environment. It has grown a lot in the country and is now ready to enter the global market.
During the July 4-9 Digital India Week 2022, IT Minister Ashwini Vaishnak said that India is discussing UPI with 30 other countries, and three countries have already signed MOUs. Share an estimate of the number of UPI transactions during the summit – around 6 billion transactions worth around 1NR 10 Lakh Crore took place in May and June.
Prime Minister Narendra Modi opened the session during the summit. In his concluding remarks, he discussed how UPI has transcended barriers and been a source of empowerment for all citizens, proving that software built by Digital India is secure, scalable and democratic.
He further noted that UPI is currently attracting the whole world, and in fact, it is loved by everyone including financial institutions such as the World Bank. He also confirmed how about 130,000 UPI transactions take place every minute.
According to the 2021 NPCI report, 39 billion UPI transactions took place in India during the year. The total value of money transferred using the payment system was around $940 billion, which is about 31% of India’s GDP.
Popular Uses of UPI
Being an instant payment service, UPI has no limits. It provides the facility of transferring funds from one bank account to another bank account in a single window. It’s simple, instant, free and easy to use on mobile devices. Currently, you can transfer up to Rs 1 lakh through UPI in a single transaction.
The biggest advantage of the payment system is that it enables inter-bank transactions through a single application. You can access different bank accounts through the app, so you don’t have to download multiple apps.
UPI supports utility bill payments, QR code (scan and pay), as well as counter payments. You can use it to order products from various online outlets, be it a pharmacy, grocery store, books, computer or anything else that is available online.
One very popular segment where UPI is favored is online gaming. You can use it to pay at online casinos in India for real money
One very popular segment where UPI is favored is online gaming. use it. Using it dragon tiger live payment can be made at.
Countries that accept payment systems easily
This partnership is made to enhance merchant payments and personal transactions in Nepal. As a result, Nepal became the first country outside India to accept UPI as a payment service.
Also, in June 2022, NIPL signed a Memorandum of Understanding with France’s Lyra network to integrate RuPay and UPI cards across the country.
Apart from Nepal, NIPL is also associated with many economic institutions in UAE, Japan, Singapore and China. Currently, the international body NPCI is working to make UPI a channel for cross-border remittances.
Ritesh Shukla, CEO of NIPL mentioned how the organization is committed to transforming the online payment system by promoting its robust payment program in the global market and partnering with local payment service providers in various countries.
“We are confident that this initiative will be a testament to NIPL’s technological capabilities and vision to enhance our unique offering globally,” he added.
Also read about: What is a UPI How to create a UPI ID
