Unified Payments Interface: Why Made-in-India UPI is becoming a global favourite?
NSE). The fiscal ending March 2024 is also seeing tremendous growth in UPI transactions in the first 6 months. This fiscal will see an even better record for UPI, he added.
“It is not only affordable, and interoperable but also scalable and adaptable, making it easy for other countries to embrace it. UPI is gaining popularity in other countries because of these capabilities," said Amit Nigam, Executive Director & COO, of BANKIT. What sets UPI apart is its exceptional ease of use.
It surpasses even the traditional cash mode of payment, offering an unparalleled level of convenience. According to Shikhar Aggarwal, Chairman of BLS E-Services, UPI is establishing new benchmarks for international payment systems by streamlining payment processes and expanding access. This transformative technology is more than just a digital payment platform; it's a symbol of innovation and progress on a global scale.
"It's no surprise that countries such as Japan, Singapore, the UAE, France, the UK, and more are keen to embrace the UPI model as they recognize its potential to reshape the future of payments on a global stage," said Shikhar Aggarwal. The ease of use and accessibility of UPI has made it immensely popular across the nation, bridging the gap between urban and rural areas. “UPI connects over 300 banks and enables seamless financial transactions through TPAP (third-party application providers) like Google Pay, Amazon Pay, PhonePe, and Paytm in partnership with banking providers," said Mehul Mistry, Global Head - Strategy, Digital Financial Services & Partnerships, Wibmo, a PayU company.
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