UPI and RuPay Power India's Global Digital Payment Revolution

CIOTechOutlook Team | Monday, 16 December 2024, 02:40 IST

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India's digital payments transformation is gaining global traction, with UPI and RuPay both experiencing swift cross-border growth. At present, UPI is functioning in seven nations, encompassing major markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.

UPI is an electronic payment platform enabling users to conduct immediate money transfers between bank accounts. Introduced in 2016 by the National Payments Corporation of India (NPCI), UPI has transformed the country's payment landscape by consolidating numerous bank accounts into one mobile app.

This system facilitates smooth fund transfers, merchant transactions, and peer-to-peer payments, providing users with flexibility via planned payment requests.

UPI has not only expedited financial transactions to be quick, safe, and easy, but it has also empowered individuals, small enterprises, and merchants, promoting the nation's transition to a cashless economy.

In October 2024, the Unified Payments Interface (UPI) reached a significant milestone by handling 16.58 billion financial transactions in one month, highlighting its crucial part in India's digital evolution.

In October 2024, UPI handled an impressive Rs 23.49 lakh crores through 16.58 billion financial transactions, reflecting a 45 percent increase compared to 11.40 billion transactions in October 2023, according to figures from the Ministry of Finance.

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