UPI ringing all over the world, India will change the picture of world online payment

United Payments Interface (UPI) was an unheard-of term till April 2016. Whereas today this word is present on everyone's tongue. Till a few years ago no one would have thought that it would be used for groceries to the mall. Today, on leaving the house, even if you forget your wallet, you become careless. On the other hand, a few years ago, while leaving the house, attention was paid to the amount of money in the purse.

Agreed that the initial years of UPI were not that successful, but there has been a tremendous increase in the market share of UPI till 2021. By 2016-2017, credit card payments accounted for 36 percent and UPI's share at that time was only 6 percent. On the other hand, in FY 2021, the share of UPI increased to 63 percent and the payment through credit cards was only 9 percent. UPI has not only been a means of making payments, but it has also enabled millions of people to connect to digital payment platforms. In such a situation, it would not be an exaggeration to say that UPI has played an important role in changing the picture of India.

Even though net banking had started before the advent of UPI. But, even at that time people preferred physical banking over net banking. The biggest reason behind this was the lack of trust. Actually, many people believed that they could be cheated through net banking. In such a situation, UPI made its identity among the people. Today people pay for even the smallest things at the grocery store through UPI.

Banks of the country are also helping UPI to promote cashless. Many banks are offering the facility to link their debit and credit cards with UPI. In such a situation, the inclination of people is moving towards UPI. If you look around you, you will find that in today's time every person's phone will have UPI or online payment apps like BHIM UPI, PhonePe, Paytm, Google Pay, Slide, and Mobikwik.

Not only our country but the whole world was battling with the Covid-19 pandemic. The Covid-19 pandemic has given a boost to digital payments across the country. The first two waves of Covid-19 may have posed minor challenges for UPI. But, it has a big contribution to increasing the economy of the country. At the time of Kovid-19, his fear was present in the whole country. People started preferring to take UPI payments instead of physical currency i.e. notes and coins.

UPI Network released a figure in July 2022. According to that data, in July 2022, there were 6.28 billion transactions through UPI. Transactions worth Rs 10.63 trillion were done in this. In such a situation, we are clearly getting to know that UPI has made its important place among the people in the country. Apart from this, according to the data of the National Payments Corporation of India (NPCI), in July 2022, 338 banks in the country were linked to UPI. Even today, an increase is being seen in these figures. The sender banks of UPI include State Bank of India, HDFC Bank Limited, and Bank of Baroda. Whereas, Paytm Payments Bank, Yes Bank Limited, and State Bank of India are the beneficiary banks of UPI.

After spreading its wings in India, UPI did not slow down its pace of growth. He has now started the race to hoist his flag in the world. UPI has hoisted its flag in many countries. Today, when any Indian goes to visit Singapore, Bhutan, and Nepal, he proudly says that we will do UPI. Whereas a few years ago people needed to exchange currency. On June 17, 2022, NPCI announced that it is doing linkage with UPI. After this linkage, payments through UPI have started in many Asian markets like Malaysia, Vietnam, and Thailand. With this, UPI will soon reach UAE.

Announcing the monetary policy decision on the previous day, the Governor of the Reserve Bank of India informed that Japan is also going to approve the use of UPI.

A recent report revealed that India is at the top of the list of digital payments. Last year in 2022, 89.5 million transactions have taken place through UPI. We are surprised to know that India's digital payment is the highest among the four major countries of the world. In such a situation, we are promoting digital payments, as well as contributing to the development of the country. Regarding the increasing digital payments, Prime Minister Narendra Modi said that it is clearly showing that India's rural economy is changing.