UPI provided credit access to poor, fuelled equitable growth: Study
The authors said that the success of UPI can be replicated in other countries as well and India can play a leading role in helping them adopt the fintech system.
The Prime Minister Narendra Modi has appreciated the India in Pixels (IIP) for conveying the point of digital payments and UPI through the sound of money transacted through data sonification.
In response to a tweet by India in Pixels, the Prime Minister said, “I have spoken about UPI and Digital Payments quite often but I really liked how you’ve used the sound of money transacted through data sonification to effectively convey the point. Very interesting, impressive and obviously informative!”
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Data sonification is the presentation of data as sound using sonification. It is the auditory equivalent of the more established practice of data visualization. Various projects describe the production of sonifications as a collaboration between scientists and musicians.
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The data sonification is directing digital media of a dataset through a software synthesizer and into a digital-to-analog converter to produce sound. Applications of data sonification include astronomy studies of star creation, interpreting cluster analysis, and geoscience.
Digital India is a flagship campaign launched by the Government of India in order to ensure the Government’s services are made available to citizens electronically by improved online infrastructure and by increasing Internet connectivity or making the country digitally empowered in the field of technology. The digital money transfer through UPI is an important aspect of digital India. A digital payment, or electronic payment, is the transfer of value from one payment account to another using a digital device such as a mobile phone, POS etc.
Unified Payments Interface powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
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