India’s popular payment platform, UPI (Unified Payments Interface), posted highest ever, 7.82 billion financial transactions worth $1.555 billion in the month of December 2022. This is highest ever in history. This figure is only for UPI based transaction and does not include other non-UPI based digital payments using net banking, credit/debit cards, wallet transfer, etc.
India has emerged as world leader in real-time transactions. In 2020, India was at the top with a real-time transaction value at $25.5 billion, followed by $15.7 billion in China and $6 billion in South Korea.
The Prime Minister Modi lauded people for embracing digital payments.
UPI (Unified Payments Interface) is an instant real-time payment system. This allows users to make funds transfer using smartphone app without having to provide IFSC Code or account number. This payment platform was developed by National Payments Corporation of India (NPCI).
Digital transactions in India have grown exponentially in the recent years. Demonetisation of high value currency notes in 2016 and the recent COVID-19 pandemic put forth unprecedented payment challenges before the people that facilitated transformation of India’s cash-obsessed economy to cashless economy.
There are several other modes of digital payment in India but UPI has surpassed others for it is very user friendly, just perfect for small transactions and does away the need of small changes