UPI Payments: Today, how much popularity of payment from UPI has increased in the country, you can also guess from the fact that if someone drinks tea, then he likes to pay it from UPI.
UPI is being paid the highest in India as compared to any country in the world. However, with this, the use of debit cards and credit cards has declined. This is to say of the International Monetary Fund.
Payment is made from any mobile through UPI i.e. Unified Payments Interfaces prepared by National Payment Corporation of India i.e. NPCI. IMF’s financial technology article ‘Growing Retail Digital Payment: Price of Interoperability’ said that UPI has increased rapidly with its launch in 2016. Which has reduced the use of other things being used as a trend of cash.
18 billion transactions every month
In the country, 18 billion transactions are being done every month from UPI and the highest payments are made compared to the retail electronic payment being made through any other mean. UPI is completely dominated by other electronic retail payments in India. The article states that India now pays faster than any other country. Also, the use of cash has also decreased.
In the article, evidence is presented to suit this structure using detailed data covering the world of transactions on UPI of India. UPI is an intermediate platform which has become the world’s largest retail quick payment system according to quantity.
Rapidly increased after arriving in 2016
The article said, ‘UPI has increased rapidly since being introduced in the year 2016, while the use of cash has started declining. UPI now enables more than 18 billion transactions per month and is a pioneer in other electronic retail payments in India. “Fintech notes” provide practical advice to policy-makers on important issues on behalf of IMF members.