In 2016 when UPI became operational nobody could have imagined it would be such a huge success. UPI stands for Unified Payments Interface but with vast adoption, we can say it is Unlimited Power in one’s Hands. As per NPCI data, UPI hit a new high of 14.04 billion transactions worth Rs 20.45 trillion in May’24.
The technology of UPI was introduced by NPCI in 2016 as a pilot program under the leadership of RBI Governor Raghuram Rajan. National Payments Corporation of India (NPCI) is a RBI initiative to build robust payments and settlement infrastructure in India. It is registered as a non-profit organization under Section 8 of the Companies Act, 2013. NPCI earns through commissions for bill and merchant payments. The scratch cards received from paying on payment gateway platforms like PhonePe, Gpay, etc are also generating revenue through brand placements.
Our Prime Minister Narendra Modi is a great leader and a great marketer. The power of UPI was showcased when the viral video of President Emmanuel Macron enjoying tea in Jaipur and the PM making the payment through UPI was circulated. Macron was the Guest of Honour during the 75th Republic Day celebrations held in January’24. Both the leaders enjoyed tea where PM Modi discussed the Indian culture and demonstrated the use of UPI for instant payment. As of date, UPI can be used in seven countries – Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan, and Nepal. Bhutan was the first country to adopt UPI in 2021 followed by Nepal in 2022. One of the intentions of the Modi Government is to push cashless transactions. At the G20 summit, there was a discussion with other participating nations on the adoption of the UPI interface. NPCI is actively working with fintech partners to provide a seamless transaction experience to Indian travelers in foreign countries. UPI transformed the way Indians conduct their day-to-day transactions and money transfers. NPCI aims to show the magic beyond Indian borders. The use of UPI with Rupay Credit cards is also a step towards accessibility.
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