UPI has brought a huge revolution in the field of digital transactions in India. There was a time when after the introduction of UPI in the country, its failure was being speculated. However, after its arrival, there has been a record growth in the field of digital transactions in the country. Today, a large number of people across the country are using the UPI system designed by NPCI. With the introduction of UPI, there has been an increase in the field of digital payments. It has a positive impact on the country's economy. According to a report, in March, the last month of the financial year, the transactions done through UPI crossed the figure of Rs 14 lakh crore. In such a situation, it would not be wrong to say that UPI has given a new look to the digital payment ecosystem of the country.
At the same time, in the year 2022, a transaction of Rs 82 lakh crore took place through UPI. This year this figure may increase even more. Seeing the success of UPI in India, many other countries are also getting inspired by it.
The biggest reason behind the success of UPI in India is the presence of a simplified payment system. Before UPI came where we had to enter information like account number, IFSC code, etc. to send money from one account to another. At the same time, after the introduction of UPI, now we can send money directly to the person's account by simply scanning the QR code or entering the mobile number.
One of the biggest reasons for the success of UPI is its democratic environment. Today, rich people to people living in the border areas of the country are also using UPI.
Looking at this success of UPI, there is also talk of globalizing UPI. How can UPI be expanded to other countries? Plans have started being made on this. In this episode, UPI has also been linked to Singapore's payment system. People can now send money at a fee of three percent. India plans to get UPI approved as a payment option in the rest of the world.
(PC: Freepik)
