• Latest
  • Most Read
India UPI

Why world demands India’s UPI

1 year ago
India Vs Canada+West: What happened, why it happened and what will happen?

India Vs Canada+West: What happened, why it happened and what will happen?

4 hours ago
No more Bollywood films for Nayanthara?

No more Bollywood films for Nayanthara?

2 days ago
Hardeep Singh Nijjar was in regular contact with Canadian intelligence!

Hardeep Singh Nijjar was in regular contact with Canadian intelligence!

2 days ago
No Space for Terrorism: Center’s Strong Media Policy

No Space for Terrorism: Center’s Strong Media Policy

2 days ago
ASUS to relocate its primary manufacturing hub from China to India

ASUS to relocate its primary manufacturing hub from China to India

2 days ago
Canada feels the heat as India suspends Visa services

Canada feels the heat as India suspends Visa services

2 days ago
One post can make you a pariah like Shubhneet Singh aka Shubh!

One post can make you a pariah like Shubhneet Singh aka Shubh!

2 days ago
Congress and Bhindranwale Exposed: R&AW Whistleblower Tells All

Congress and Bhindranwale Exposed: R&AW Whistleblower Tells All

2 days ago
Dear PM Modi, make Adhir Ranjan’s wish come TRUE!

Dear PM Modi, make Adhir Ranjan’s wish come TRUE!

2 days ago
Trudeau plays the fiddle as Canada burns!

Trudeau plays the fiddle as Canada burns!

2 days ago
Justin Trudeau, don’t even try!

Justin Trudeau, don’t even try!

2 days ago
NIA goes out on “war mode” against Canada based fugitives

NIA goes out on “war mode” against Canada based fugitives

3 days ago
Women’s Reservation Bill Passed in Parliament after decades!

Women’s Reservation Bill Passed in Parliament after decades!

3 days ago
Trudeau bites dust in gathering “international support” against India

Trudeau bites dust in gathering “international support” against India

3 days ago
Thank you, Justin Trudeau, Bharat will never forget your contribution!

Thank you, Justin Trudeau, Bharat will never forget your contribution!

3 days ago
  • About us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI हिन्दी
TFI Global
Sunday, September 24, 2023
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    India Vs Canada+West: What happened, why it happened and what will happen?

    India Vs Canada+West: What happened, why it happened and what will happen?

    Hardeep Singh Nijjar was in regular contact with Canadian intelligence!

    Hardeep Singh Nijjar was in regular contact with Canadian intelligence!

    No Space for Terrorism: Center’s Strong Media Policy

    No Space for Terrorism: Center’s Strong Media Policy

    Canada feels the heat as India suspends Visa services

    Canada feels the heat as India suspends Visa services

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    ASUS to relocate its primary manufacturing hub from China to India

    ASUS to relocate its primary manufacturing hub from China to India

    US Business Basics: Essential Legal and Regulatory Insights for Indian Founders

    US Business Basics: Essential Legal and Regulatory Insights for Indian Founders

    Why IKEAs and Urban Ladders could not replace the friendly neighbourhood carpenter

    Why IKEAs and Urban Ladders could not replace the friendly neighbourhood carpenter

    Bharat’s job market soars: 5.2 Crore formal jobs, 27% Female

    Bharat’s job market soars: 5.2 Crore formal jobs, 27% Female

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    new CBI director Praveen sood biography

    Who is Praveen Sood the New CBI Director: Professional Background, Achievements and Significance of the Appointment

    Paramjit Singh Panjwar shot dead

    Paramjit Singh Panjwar shot dead: Keep calm and trust the Indian Armed Forces

    Swarm satellites

    India’s Bold Step towards Satellite Swarm Intelligence: A New Era in Space Technology

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    India Vs Canada+West: What happened, why it happened and what will happen?

    India Vs Canada+West: What happened, why it happened and what will happen?

    Congress and Bhindranwale Exposed: R&AW Whistleblower Tells All

    Congress and Bhindranwale Exposed: R&AW Whistleblower Tells All

    Trudeau plays the fiddle as Canada burns!

    Trudeau plays the fiddle as Canada burns!

    Justin Trudeau, don’t even try!

    Justin Trudeau, don’t even try!

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    NAVIGATING THE CCNA EXAM: A BEGINNER’S HANDBOOK TO IT CERTIFICATION

    NAVIGATING THE CCNA EXAM: A BEGINNER’S HANDBOOK TO IT CERTIFICATION

    When BR Ambedkar openly challenged the Nizam Shahi

    When BR Ambedkar openly challenged the Nizam Shahi

    From Nizam Shahi to India’s Defender: Lt. Col. Tarapore’s Incredible Story

    From Nizam Shahi to India’s Defender: Lt. Col. Tarapore’s Incredible Story

    Hope Cooke: How an American lady almost snatched our Sikkim from us

    Hope Cooke: How an American lady almost snatched our Sikkim from us

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    No more Bollywood films for Nayanthara?

    No more Bollywood films for Nayanthara?

    Online BlackJack India

    How to Play Blackjack Online from India with Real Money

    Zoey Deutch films to watch

    Discover the Magic: 10 Must Watch Films of Zoey Deutch

    Mushroom Soup health benefits

    Discover the Nutritional Wonders: 9 Health Benefits of Mushroom Soup

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    India Vs Canada+West: What happened, why it happened and what will happen?

    India Vs Canada+West: What happened, why it happened and what will happen?

    Hardeep Singh Nijjar was in regular contact with Canadian intelligence!

    Hardeep Singh Nijjar was in regular contact with Canadian intelligence!

    No Space for Terrorism: Center’s Strong Media Policy

    No Space for Terrorism: Center’s Strong Media Policy

    Canada feels the heat as India suspends Visa services

    Canada feels the heat as India suspends Visa services

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    ASUS to relocate its primary manufacturing hub from China to India

    ASUS to relocate its primary manufacturing hub from China to India

    US Business Basics: Essential Legal and Regulatory Insights for Indian Founders

    US Business Basics: Essential Legal and Regulatory Insights for Indian Founders

    Why IKEAs and Urban Ladders could not replace the friendly neighbourhood carpenter

    Why IKEAs and Urban Ladders could not replace the friendly neighbourhood carpenter

    Bharat’s job market soars: 5.2 Crore formal jobs, 27% Female

    Bharat’s job market soars: 5.2 Crore formal jobs, 27% Female

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    new CBI director Praveen sood biography

    Who is Praveen Sood the New CBI Director: Professional Background, Achievements and Significance of the Appointment

    Paramjit Singh Panjwar shot dead

    Paramjit Singh Panjwar shot dead: Keep calm and trust the Indian Armed Forces

    Swarm satellites

    India’s Bold Step towards Satellite Swarm Intelligence: A New Era in Space Technology

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    India Vs Canada+West: What happened, why it happened and what will happen?

    India Vs Canada+West: What happened, why it happened and what will happen?

    Congress and Bhindranwale Exposed: R&AW Whistleblower Tells All

    Congress and Bhindranwale Exposed: R&AW Whistleblower Tells All

    Trudeau plays the fiddle as Canada burns!

    Trudeau plays the fiddle as Canada burns!

    Justin Trudeau, don’t even try!

    Justin Trudeau, don’t even try!

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    NAVIGATING THE CCNA EXAM: A BEGINNER’S HANDBOOK TO IT CERTIFICATION

    NAVIGATING THE CCNA EXAM: A BEGINNER’S HANDBOOK TO IT CERTIFICATION

    When BR Ambedkar openly challenged the Nizam Shahi

    When BR Ambedkar openly challenged the Nizam Shahi

    From Nizam Shahi to India’s Defender: Lt. Col. Tarapore’s Incredible Story

    From Nizam Shahi to India’s Defender: Lt. Col. Tarapore’s Incredible Story

    Hope Cooke: How an American lady almost snatched our Sikkim from us

    Hope Cooke: How an American lady almost snatched our Sikkim from us

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    No more Bollywood films for Nayanthara?

    No more Bollywood films for Nayanthara?

    Online BlackJack India

    How to Play Blackjack Online from India with Real Money

    Zoey Deutch films to watch

    Discover the Magic: 10 Must Watch Films of Zoey Deutch

    Mushroom Soup health benefits

    Discover the Nutritional Wonders: 9 Health Benefits of Mushroom Soup

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
No Result
View All Result

HOME » Economy » Why world demands India’s UPI

Why world demands India’s UPI

Rahul Gupta
by Rahul Gupta
21 September 2022
in Economy
0
India UPI
3k
VIEWS
Share on FacebookShare on Twitter

Financial systems are a business of trust. No one would choose any medium of financial transaction if they do not trust it. When India decided to go for digital transactions everyone was sceptical of its success. People thought, illiterate population, lower accessibility of the internet and mobiles, and untested applications would tank the government’s digital economy dream. Even our former cabinet minister P Chidambaram doubted about its success. But, National Payment Corporation of India (NPCI) developed such a strong Unified Payments Interface (UPI) that every other country in the world wishes to accept it. UPI’s success in the nation has developed an international trust on the payment system and world’s countries are rushing to integrate the technology to their own payment interfaces.

The Unified Payment Interface system, developed by NPCI for instant real-time payment, is creating history everyday in digital transactions. It facilitates the inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions by using mobile numbers. The secure, easy, efficient, and free payment interface is now universally accepted in India. From small vendors to large businesses, UPI’s accessibility has reached every corner of the nation. With largest value and volume in transactions, UPI’s use has made India the top country in the world to process real time payments. After the successful business in India, UPI now looks to go global as other countries are showing great interest in accepting this technology.

World Demands India’s UPI

Nirmala Sitharaman, the Minister of Finance and Corporate Affairs India, while speaking at the Global Fintech Fest in New Delhi, revealed that world’s countries are showing great interest in adopting Indian payment systems. She said, “Countries such as Singapore, Bhutan, France’s Lyra, and also many others are setting the use for RuPay cards and the Unified Payments Interface.”

While talking about India’s plan to go global in digital transactions, she further said, “The National Payment Corporation of India (NPCI) is taking UPI international by helping other countries to create their own payment systems.”

Recounting the future prospects of transactions, the minister further added that, “UPI’s target is to cross 1 billion transactions as per day in next 5 years.”

Also Read: India should make sure that Russia graduates to UPI and RuPay

UPI’s International Presence

The Minister’s statement is in consonance with increasing demand for UPI in the world. In September 2021, NPCI International Payments Limited (NIPL) signed an agreement with Liquid Group, a cross border digital payments provider. It was to facilitate UPI payments’ acceptance in 10 countries of north and south Asia. Based in Singapore, Liquid Group has payment merchant partners in Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea and Japan. Currently, India has collaborated with only two countries, Malaysia and Singapore, out of the south east Asian Countries that Liquid Group deals with. It is expected that the collaboration will further expand UPI’s presence.

Further, in South Asia, Bhutan and Nepal were the two countries that collaborated with NIPL to use UPI’s technology in their respective countries. In April 2022, NPCI partnered with NeoPay of the United Arab Emirates (UAE), enabling Indians to use UPI around the country. Moreover, in June this year, NIPL signed an Memorandum of Understanding with France’s Lyra Network to enable Indians to pay using UPI and Rupay cards in France.

In December 2021, India-Russia joint statement on the Russian President’s visit to India also highlighted the mutual cooperation in recognition of each country’s payment system. It stated that the two countries would increase dialogue on accepting RuPay and MIR Cards within national payment infrastructures, as well as on interaction of Unified Payments Interface and the Faster Payments Systems of the Banks of Russia. After the beginning of Ukraine war, Russia was prompted to choose an alternative payment system to continue its transactions with India. UPI came handy in this way. Now, reports suggest that the two countries are in the final round of recognising each other’s payment systems.

Further, in March this year, on the occasion of India-Australia Virtual Summit, Prime Minister Modi proposed the early integration of Austrialia’s New Payment Platform and India’s UPI.

This increasing reach of UPI in the world is testimony of its unending success. The payment interface has developed so much credibility in the country that the world has grown very keen on accepting it.

Also Read: France goes RuPay: Est-ce que je peux payer avec une carte de RuPay?

UPI – Pillar of Financial Stability

UPI has transformed the banking pattern of the country. The simplification of banking transactions has enabled a revolution in the Indian finance market. As lending and investment have arrived at the fingertips of people, the real-time successful transaction has created a business-friendly environment in India.

The UPI involves three steps to proceed with a transaction. First, one’s bank account is transformed to a Virtual Payment Address (VPA). The VPA streamlines the account details into simplified form using mobile number to enable transaction through a UPI app. Second, the payment service provider enables the VPA transactions from its end. Finally, UPI facilitates the fund movement from a person’s account to the targeted account. The simplified process increases the efficiency in transactions and helps in building trust over the system.

The growth of UPI has given birth to other business solutions like financial technology (fin-tech). The combination of software, mobile applications, and data analysis has made foundational changes in the finance sector. Now rather than going to the traditional loan provider for a loan at a higher rate, one can get it through mobile apps at a competitive rate, and without any hidden costs.

The other revolutionary change brought through UPI is in the saving pattern. Saving money provides financial freedom and security. Now people do not need to keep cash in hand for any transaction. They can simply transact through UPI whenever they need to, without any worry. This not only provides financial security but further help in the growth of the banking sector, ultimately leading to economic growth.

UPI Is Ready to Rule the World

In 2021, UPI processed transactions worth USD 940 billion, which is equivalent to 30% of India’s GDP. Further, in February 2022, 80% of the total transaction value was recorded from peer-to-peer payments and 59% of the peer-to-peer payments was under Rs 500 value transaction. It shows that the lower strata of society are driving the technology.

Read More: GPay and AmazonPay control the lion’s share of the UPI economy and Indian players need to rise up

With a Compound Annual Growth Rate (CAGR) of 160%, UPI is the world’s top performing digital payment interface. As of July, about 338 banks were integrated with the UPI platform. Due to this exponential growth rate and international expansion, UPI is dominating the world’s payment system. It has not only simplified the payment pattern but has also helped in developing other businesses.

Easy transactions have enabled people to spend easily, ultimately leading to expansion of economic activities. UPI has also helped in the formalisation of the economy. Online transactions have created a banking system that is safe, secure, and transparent. With the UPI interface, a revolution has taken place in the lending industry. Easy accessibility of loans and interest payments have further increased the demand of UPI in the world.

Support TFI:

Support us to strengthen the ‘Right’ ideology of cultural nationalism by purchasing the best quality garments from TFI-STORE.COM.

Also Watch:

Tags: Digital PaymentFinanceGrowthIndiaNPCIPaymentstransactionsupi
ShareTweetSend
Previous Post

Blah! The Last Film Show Is India’s official entry for the Oscars and it is tragic

Next Post

Turkey buckles under its own weight as Erdogan goes SOFT on KASHMIR

Rahul Gupta

Rahul Gupta

Columnist, TFIPost. Writes about Law, Politics and Society

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

India Vs Canada+West: What happened, why it happened and what will happen?

India Vs Canada+West: What happened, why it happened and what will happen?

24 September 2023
No more Bollywood films for Nayanthara?

No more Bollywood films for Nayanthara?

22 September 2023
Hardeep Singh Nijjar was in regular contact with Canadian intelligence!

Hardeep Singh Nijjar was in regular contact with Canadian intelligence!

22 September 2023
No Space for Terrorism: Center’s Strong Media Policy

No Space for Terrorism: Center’s Strong Media Policy

22 September 2023

Popular This Week

Jawan Box office collection: Why SRK’s releases are not “Genuine Success”?
Cinema

Jawan Box office collection: Why SRK’s releases are not “Genuine Success”?

by Animesh Pandey
15 September 2023
Trudeau writes his political and economic epitaph by withholding the India FTA
Geopolitics

Trudeau writes his political and economic epitaph by withholding the India FTA

by Animesh Pandey
19 September 2023
Nana Patekar steamrolls Bollywood and their hypocrisy
Cinema

Nana Patekar steamrolls Bollywood and their hypocrisy

by Animesh Pandey
15 September 2023
Kiran Rao’s fear is quite real, and it’s much needed!
Cinema

Kiran Rao’s fear is quite real, and it’s much needed!

by Animesh Pandey
20 September 2023
Fathima Vijay Antony
Cinema

Famous Producer Fathima Vijay Antony Biography

by TFIPOST News Desk
5 February 2022

©2023 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
TFI हिन्दी
TFI Global
  • About us
  • Careers
  • Brand Partnerships

©2023 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost