New Delhi:
Unified Payment Interface (UPI), the revolutionary digital payment system originating from India, has expanded its reach beyond borders.
With its recent launch in Sri Lanka and Mauritius, and prior introduction in France,
UPI has now made its mark in seven countries worldwide.
Where Can You Utilize UPI?
The name of countries are:
- France: Pioneering UPI’s international presence.
- Sri Lanka: Embracing seamless digital transactions.
- Mauritius: Joining the UPI network for convenient payments.
- UAE (United Arab Emirates): Extending UPI’s influence in the Middle East.
- Singapore: Embracing the efficiency of UPI payments.
- Nepal: Simplifying financial transactions across borders.
- Bhutan: Adopting UPI for smoother monetary exchanges.
and many more to come.
Record-breaking Growth for UPI
Since its inception by the National Payments Corporation of India (NPCI) in 2016,
UPI has witnessed exponential growth, setting new milestones along the way.
In November 2023, UPI transactions surged to a staggering Rs 17.4 lakh crore, marking an unprecedented achievement with over 11 billion transactions.
Compared to November 2022, UPI transactions soared by 54%, with transaction values escalating by 46%.
Expanding Digital Horizons
In tandem with UPI’s remarkable journey, India’s digital landscape has witnessed further evolution with the introduction of Central Bank Digital Currency (CBDC) or e-Rupee.
Facilitated by distributed ledger technology, e-Rupee serves as a digital alternative to traditional cash, with the Reserve Bank of India (RBI) conducting trials.
By October last year, daily e-Rupee transactions reached approximately 25,000, showcasing its growing acceptance.
Moreover, e-Rupee’s integration with the widely-used Unified Payment Interface (UPI) has broadened its utility, signaling a new era in digital finance.
