Learn how UPI has successfully changed the digital payments landscape of India!

India

oi-Deepak Tiwari

UPI
recorded
the
highest
transactional
volume
in
October
when
more
than
7
trillion
transactions
worth
over
Rs
12
trillion
took
place.

New
Delhi,
Dec
22:
When
Prime
Minister
Modi
says
that
India
is
leading
the
world
in
digital
revolution
and
Digital
India
has
given
relief
to
the
poor
from
corruption,
there
is
a
lot
of
substance
in
it.
Online
transactions
have
been
a
major
outcome
of
the
‘digital
India’ movement
that
the
Prime
Minister
launched
in
his
first
tenure.
UPI
has
received
mammoth
success
that
even
developed
world
envies.

Yes,
we
are
talking
about
UPI
not
UPA
which
made
the
average
person’s
life
miserable
with
scams
and
mismanagement
of
the
Indian
economy.
The
UPI
has
received
wide
acceptance
and
proved
the
critics
wrong
who
were
saying
that
India
with
lower
literacy
would
not
be
able
to
do
online
transactions.

Over
7
trillion
transactions
worth
over
Rs
12
trillion

This
is
an
astonishing
number
that
could
show
how
UPI
has
achieved
massive
success.
Earlier
this
year
UPI
recorded
the
highest
transactional
volume
in
October
when
more
than
7
trillion
transactions
worth
over
Rs
12
trillion
took
place.
This
has
not
been
achieved
overnight
and
by
fluke
but
there
is
a
huge
effort
that
has
been
put
by
the
Modi
Government
that
ensured
‘digital
revolution’
brings
positive
change
in
people’s
lives.

Nonetheless,
in
addition
to
Govt
Schemes
like
PM-WANI
and
BharatNet,
the
private
sector
has
also
played
a
vital
role
in
the
digital
revolution
in
India.
Out
of
other
private
telecom
companies,
Jio’s
Internet
Revolution,
would
definitely
be
termed
as
a
major
catalyst.
The
company
equipped
Indians
with
high-speed
internet
and
that
too
with
the
lowest
tariffs
in
the
world.

To
help
customers
in
e-commerce
purchases,
RBI
adds
a
new
feature
in
UPI
platform

UPI,
Payments
Made
Easy

UPI
or
Unified
Payments
Interface,
has
transformed
the
way
India
has
been
transacting.
It’s
a
real
time
payments
system
conceptualized
and
developed
by
the
National
Payments
Corporation
of
India
(NPCI).
When
it
was
launched
in
2016
by
none
other
than
the
then
RBI
governor,
Raghuram
Rajan
a
lot
of
questions
were
raised
not
just
on
success
but
security
of
transaction
as
well.

However,
later
on
UPI
not
just
transformed
the
digital
payment
landscape
but
made
India
a
champion
in
digital
payments.
The
nation
has
benefited
a
lot
from
the
easily
available
smart
phones
and
internet
connectivity.
Today
there
are
more
than
692
million
active
internet
users.
Not
just
cities
but
rural
areas
have
received
massive
penetration
of
mobile
phones.

Today
there
are
351
million
internet
users
from
rural
India
and
341
from
urban
areas
in
India
giving
impetus
to
digital
India.
The
total
number
of
Internet
users
is
set
to
go
up
to
900
million
by
2025.