In the present times, the Unified Payment Interface (UPI) ecosystem is expanding, especially due to its ease in interfacing for customers. In fact, to improve its reach and performance further, the Government of India, will be launching an updated version of its mobile payment app BHIM, naming it BHIM 2.0, the flagship of which is UPI.
What has recently been spilled out to you is that the Govt. of India and the National Payments Corporation of India, NCPI will soon be accessing UPI as a globally accepted payment platform.
In extension to this, India’s very own UPI has achieved the double milestone of one billion transactions as well as has crossed 100 million users in October.
UPI Crosses 100 Million
This is an exciting piece, especially for the Indians living abroad and the ones who travel overseas a lot. Like we said, UPI has crossed a mega number of over 100 million users in October, making it the fastest adoption of any payments system anywhere else in the world.
The parent body, NCPI launched this domestic payments platform three years ago and operates it as well aims to take the fund transfer system to other countries such as Singapore and the United Arab Emirates (UAE).
UPI has over 141 banks on board right now, emerging as a major payments alternative to debit, credit and e-wallets. In September itself, the UPI-based recorded 955.02 million transactions worth over Rs 1.61 lakh crore as compared 918.35 million transactions a month ago.
On a year-on-year basis, UPI transactions have increased 2.3 times or 135%.
The Advantages of Crossing Boundaries and More
Very soon, Indians visiting abroad can pay for products and services using UPI, and Indian living outside India can send money back to India, using UPI. When Indians visit other countries, then they can seamlessly use their debit/credit cards for making payments.
There are however, fees related to conversion charges and others that these people have to levy. Very soon, the same payments and transactions in foreign locations can be done via UPI as well. Pilot projects for UPI enabled global payments is being carried out in UAE and Singapore, where a lot of Indians visit for tourism purpose.
NPCI is also aiming to capture the massive remittance market for NRIs. Last year, NRIs sent back $69 billion back to India, which is the highest in the world. Once UPI is able to tap into the booming remittance market, sending money from overseas to India digitally would be just a tap away.
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