India tops global fast payments with UPI processing 18 billion transactions monthly
At the center of this transformation, there is a combined payment interface known as better UPI. The UPI, which was initiated by India National Payments Corporation in 2016, changed the way people send and receive money in the country.
It brings together all your bank accounts in a mobile application. The person can instantly transfer money, pay traders, or send money to friends with only a few taps. The objection lies in speed and ease of use.
Today, the UPI continues more than 18 billion transactions every month in India.
“This change has removed India from cash and card -based payments and pushed it towards a digital economy. Millions of people and small businesses are now relying for safe and low -cost transactions. UPI for fast and accessible transactions has become a powerful tool for financial inclusion.” He said.
Today, the UPI scale is remarkable. Only in June, the payments were handled on 24.03 Lakh Crore. This spread to 18.39 billion transactions. Compared to the same month last year, growth is open when there is 13.88 billion transactions. There is an increase of approximately 32 percent in a year. The UPI system currently offers 491 million people and 65 million traders. 675 connects the bank on a single platform and allows people to pay without worry about which bank they use.
Today, the UPI accounts for 85 percent of all digital transactions in India. The effect goes beyond national borders by strengthening about 50 percent of global real -time digital payments.
“These figures only show more than numbers. Reflecting trust, comfort and speed. Every month, more individuals and business payments choose UPI for payments. This growing use is a powerful sign that India is moving towards a cashless economy.”
The success story does not stop at home.
The UPI feels its presence along the limits. UAE is already living in seven countries, including Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius. The entrance to France is a milestone because it is the first step of UPI to Europe. This allows Indians traveling or living there to pay smoothly without problems of ordinary foreign procedures.
According to the background of PIB, India wants UPI to become a standard in the BRICS group, which is currently six new member countries.
“This will improve the transfer, increase financial inclusion, and increase India’s profile as a global technology leader in digital payments,” he said.
The rise of UPI as the world’s leading real -time payment system was not an accident. Digital infrastructure is the result of planning and investment for years.
Financial inclusion was the first big step. Jan Dhan program has opened millions of bank accounts that have never used official banking. As of July 9, over 55.83 Crore accounts were created. These accounts provide people a safe place to save direct access to government aid and save money.
