UPI is the earliest implementation of an open-banking-based payment infrastructure that is free for customers and enables them to create verifiable digital financial footprints in real time.
The transfer will also include 280 existing employees from the entertainment ticketing business at the company.
A recent report has said that with digital adoption fast gaining currency, India is likely to see retail digital payments double to $ 7 trillion by 2030 from the current levels.
The volume of UPI transactions in H2 2023 to H2 2022 increased by 56 per cent from 42.09 billion to 65.77 billion, the report said.
In a bold move to revolutionise its digital payments ecosystem, the Reserve Bank of India (RBI) has set its sights on launching an interoperable payment system for internet banking in 2024.
The withdrawal of Rs 2,000 banknotes is likely to be a non-event as India has adopted digital payments on a mass scale, said SBI Research in its latest Ecowrap.
PM Modi said that this year's 'Civil Service Day' is very important as it is a time when the country has completed 75 years of its independence.
Similarly, replying to a Pravasi Bharatiya's tweet on the adoption of digital payments in India, the prime minister tweeted: "It is a common sight across India…our people have shown remarkable dexterity in adapting to tech and innovation."
The rapid expansion of digital infrastructure for over a decade, including the introduction of Aadhaar, and accelerated consumer adoption during the ongoing Covid pandemic had the country reaping benefits on the retail business side.
According to sources, the estimated number of employees laid off by Stripe is between 45 and 55. Reportedly, Stripe bought TaxJar in April 2021.
