Economy

Published: Feb 08, 2023
Updated: Feb 08, 2023

UPI- The Revolutionising Payment System of India: An Insight

The Unified Payment Interface (UPI) has transformed the payment landscape in India since its launch in 2016. It has made digital payments easier and convenient, bridging the gap between customers and banks.

UPI- The basics

UPI enables real-time, 24x7 fund transfer through a mobile phone without any need of net banking or physical banking. A person just needs to link his bank account to the UPI app and create a virtual payment address.

The Growth of UPI in India

UPI has witnessed a tremendous growth in India with its user base crossing the 100 million mark in November 2020. The government's push towards digital payments and initiatives like BHIM UPI has further boosted its adoption.

Advantages of UPI

UPI offers several benefits to the users, such as easy bill payments, instant money transfer, and reduced transaction costs. It also eliminates the need for physical transactions, making payments more secure and reducing the risk of frauds.

Popular mode which western countries haven't adopted to

UPI has revolutionised  the payment system in India and is continuing to grow at a rapid pace. Its ease of use, security and wide acceptability has made it the preferred mode of digital payment in India.