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 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.
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 Reserve Bank of India (RBI) on Friday decided to expand the scope of pre-sanctioned credit lines on UPI to the Small Finance Banks (SFBs).
The UPI hit a milestone of 16.6 billion transactions in a month in October, with improvements in its capabilities like successful instant debit reversals at 86 per cent (77 per cent in the same month last year).
Paytm on Wednesday has announced the launch of a new UPI statement download service.
The transactions in October were the highest numbers for the digital system since it became operational in April 2016.
There was a time prior to the 21st century when Great Britain, now mostly known as the UK, was really great. The same was true about the US and most of Western Europe but the current century has unveiled a different reality; Western countries are still far richer, but Asia, particularly India and China, are indisputably future world leaders.
This comes after the company received approval from the National Payments Corporation of India (NPCI) on October 22, to onboard new UPI users.
Maldivian President Mohamed Muizzu has decided to take the necessary steps to introduce India's Unified Payment Interface (UPI) in the Maldives.
Similarly, the value of transactions grew by 40 per cent, increasing from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months this year.
