India marked its global presence in terms of digital financial inclusion with the launch of UPI in partnership with other countries.
It enabled transactions through UPI for the citizens coming from partner countries and for the Indian citizens going to those countries. UPI, with its seamless peer-to-peer and peer-tomerchant transactions, has simplified payments and stimulated economic development.
The growing acceptance of UPI by retailers, both online and offline, has broadened the use cases for UPI transactions. The interface now stands tall in India’s growth story that could be easily sensed through Prime Minister Narendra Modi’s statement at the recently-concluded BRICS meeting.
UPI is used at all levels from street vendors to large shopping malls.
Today, among all countries in the world, India is the country with the highest digital transaction, he mentioned. Marking its strong footprints, recently UPI crossed 10 billion transactions in month of August. NPCI said the total transaction amount increased 47% year-on-year to Rs 15.76 lakh crore in August.
In July, UPI transactions of 9.96 billion were recorded while the transaction amount stood at Rs 15.34 lakh crore. It’s not just about transactions, but it’s about connecting people, overcoming divides, and enabling financial inclusion on an unprecedented scale.
The continuous growth of UPI transactions and new achievements, exemplifies the collective endeavours of technology visionaries, financial institutions, and regulators.
UPI has traveled a long journey to reach this milestone. From the launch of UPI123 for offline payments to the integration of credit card linkage for broader payment options UPI has transformed the online payment setup. Innovative features like conversational interfaces and more, have not only enhanced convenience but also reinforced UPI’s adaptability.
The UPI’s success also reflects the collaborative effort of the Reserve Bank of India, NPCI and fintechs. UPI has played an instrumental role in bridging the financial inclusion gap in Tier II+ towns, and become an indispensable habit in the lives of countless Indians. With India’s G20 presidency, the government’s push toward UPI will lead to greater achievements globally.