The Government of India in its major boost towards cash less digital economy launched the Unified Payments Interface (UPI) channel. The transactions through the channel has reached One Billion in the month of October
Highlights
- The milestone has been achieved after three years of launch of technology backed payments solution. The system was built by National Payments Corporation of India (NPCI)
- The platform is one of the fastest growing initiatives of GoI and also the fastest adoption among all other payment systems anywhere in the world.
- The system is to be taken to the global market. The plan is to be executed by NPCI. The team will first launch UPI in Singapore and then in UAE.
UPI
The UPI was launched before demonetization in 2016. It enables the users to send money from their account to any account without entering bank details. The transactions in UPI are made using email ids and QR codes. The main objective behind the launch of UPI was to promote digital payments.