Do you know UPI has changed our mode of payments in India. See how?

 Today we all have phones and we make payment in seconds through UPI.

Unified Payments Interface (UPI) has made a revolution in the Indian Payment System. Before UPI We all have the tendency to go with cash. Even after having cards they are not so popular in India. But After demonetisation and Covid everything got changed very fast.

It's true that " Need is the mother of Inventions" . 

The way India has dealt with the problem of cash makes upper quote very true. 

Unified Payments Interface (UPI) is an instant payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on Mobile devices to instantly transfer funds between two bank Accounts.

It is one of the most successful payment systems in the world, in terms of number of user adoption, volume of transactions and the number of transactions.

As of November 2022, the platform has over 300 million monthly active users in India. It enabled over 2,348 transactions every second in 2022. 

WHY IT IS MORE EASILY ACCEPTED BY INDIA?

You can link multiple bank accounts to the platform and make seamless payments.

 It is entirely safe and secure.

UPI IDs also safeguard you from data breach issues.

Paying utility bills and recharging your phone is super easy with UPI.

As a merchant, you can make vendor payments and manage invoices smoothly.

In case of payment issues, you can register complaints on your UPI app.

Regular payments through UPI-based mobile apps can fetch you in-app vouchers and cashback offers.

WHAT IS THE FUTURE GROWTH OF UPI?

Unified Payments Interface (UPI) transactions are expected to continue growing steadily, reaching a remarkable milestone of 1 billion transactions per day by 2026-27. Expanding to all over the world.