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Digital Payment UPI: The International Monetary Fund (IMF) released a report on digital payments in the world. India is on top in this. In India, more than 18 billion transactions have taken place through UPI alone in a month.
Digital Payment UPI: There is good news for India. India has become the country with the highest online transactions in the world. The International Monetary Fund (IMF) has released its report. In the report ‘Growing Retail Digital Payments: The Value of Interoperability’, it was told that India has made rapid progress in digital payments. More than 18 billion transactions take place every month in India through the Unified Payment Interface (UPI) alone.
India tops global fast payments with UPI processing 18 billion transactions monthly
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UPI is also beneficial in these countries
UPI is providing facilities to people not only in India but also across the border. This facility is already available in 7 countries including UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius. Now it has entered France as well. Indians travelling or living there get the facility of payment without any hassle of foreign transactions.
32 percent increase in one year
The report said that in June this year, 18.39 billion transactions were done through UPI in India. Whereas in June last year this figure was only 13.88 billion. UPI payments have increased by about 32 percent in one year. The UPI system now serves 491 million individuals and 65 million businessmen. This system connects 675 banks on a single platform. UPI contributes 85 percent of all digital transactions in India. It covers about 50 percent of international real-time digital payments.
What is UPI system?
The National Payments Corporation of India launched the Unified Payment Interface (UPI) in the year 2016. The bank of the user has worked to bring one or more bank accounts on a single mobile app. Through this, you can transfer money to the shop or to friends with just a single click without going to the bank or internet cafe. More than 18 billion transactions take place in India every month. This facility has reduced card and cash payments considerably.
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