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.
With this development, Peru will soon have a UPI-like instant payments system.
The Unified Payments Interface (UPI) network in May set a new record by processing 14.04 billion transactions, up from 13.3 billion in April, the data released by the NPCI said.
This move marks a significant step in the conglomerate's efforts to diversify into the fast-growing consumer markets of digital payments and e-commerce.
With 75 per cent of all ‘Credit Cards (CC) on UPI’ transactions happening at small merchants, a new report on Thursday said that UPI (Unified Payments Interface) integration has fuelled growth in RuPay credit cards.
Commuters availing services in the city Metro are soon to enjoy a cashless ticketing facility.
