UPI: The Indian Payment System That Is Taking The World By Strom.
The National Payments Corporation of India (NPCI) created the real-time payment system known as UPI, or Unified Payments Interface. It enables consumers to utilize their mobile phones to instantly pay businesses and individuals. One of the most popular payment options in India is UPI, which is also gaining popularity outside.
Here are some explanations for why UPI is the global leader in digital payments:
- It’s easy to use. On a mobile phone, UPI transactions can be started with just a few clicks.
- It is protected. Two-factor authentication safeguards UPI transactions.
- It is practical. Payments with UPI can be made from any location, at any time.
- It is low-cost. UPI transactions are very affordable.
These reasons have led to UPI becoming the most popular payment system in India. Over 59 billion transactions totaling 38.3 trillion (US$500 billion) were performed using UPI in 2022. UPI is now the biggest real-time payments system in the world as a result.
Other nations are starting to take notice of UPI. UPI was introduced in Singapore in 2022, and it is anticipated that other nations would soon follow suit. The popularity of UPI is a result of its simplicity, security, practicality, and affordability. All of these factors make UPI a tempting choice for buyers and sellers alike.
Here are some of the countries where UPI is used other than India:
- Singapore
- UAE
- Oman
- Saudi Arabia
- Malaysia
- France
- BENELUX markets (Belgium, the Netherlands, and Luxembourg)
- Switzerland
Non-resident Indians (NRIs) in 10 different countries, including the United States, the United Kingdom, and Australia, also use UPI.
The success of UPI is evidence of the financial industry in India’s commitment to creativity and innovation. The way people pay for products and services is changing thanks to UPI, a truly global payment system.
