Indian Economy is becoming modern day by day. They are beautifully embracing digitization. Almost every person in India is using UPI for payments. It has become so important in everyday lives that no one could survive without it. In the year 2021, UPI has a monthly transaction of 4.56 billion. India has decided to take UPI globally so that it can become a universally accepted mode of payment. Changing currency is the only barrier to universally accepted payment, but what if we go completely cashless? India has taken its first step in making UPI globally acceptable. Nepal is the first country that will be using UPI payments.
Unified Payments Interface
UPI, also known as Unified Payments Interface, is a platform that helps users to manage different bank accounts on a single platform to conduct several banking activities. There are a lot of advantages that come with using UPI. You can send money to anyone without being there. You have to add their unique VPA in UPI. You can also add your aadhar number or scan a QR code. Scanning a QR code has made it much easier for us to pay bills. Sometimes, it happens the vendor does not have change. We have to waste our time a lot, and in the end, he tells us to buy something else even if we don’t want it. UPI has cleared all these situations by entering the Market.
However, the Indian Government is encouraging the citizens of India to use UPI, and other payment links to make quick payments and go completely cashless. Apart from this, India is also planning to make UPI accepted globally. India is talking to countries like Singapore, Nepal, Bhutan, and UAE. They are talking to them so they can adopt UPI for banking transactions and money exchange.
UPI Accepted Globally
RBI, The Reserve Bank of India has shaken hands with NPCI, National Payments Corporation of India, to expand the UPI globally. The RBI has contacted other central banks to tell them the advantages of using UPI.
PPRO is one of the leading worldwide providers of easy payments that will help India to grow UPI and RuPay cards internationally. It is helping India to grow their payment system to an international platform. The United States and China are the main countries on which India has an eye. They are focusing on these two countries because India has more than half international purchases from these two countries. India will take the cover of all the countries with its UPI System.
Nepal is the only country that has accepted UPI. There would be hype in other countries in the upcoming years.
This was all about UPI globally acceptable. Meanwhile, stay connected to Analyzing Market for more updates and the latest information.