India Made Over 7 Billion UPI Transaction #upi #money #india #investment #financial
Channel: Ketan Mali
Date: 2023-05-30

India Made Over 7 Billion UPI Transaction #upi #money #india #investment #financial

United Payment Interface (UPI), a term unheard or unbelieved until April 2016, but in Modern India, UPI is the flag-bearer of the ongoing Financial Revolution.

Who would have ever imagined a robust cash-based economy like India would have a massive influx of digital payments? From a tea vendor selling a Rs 10 Cutting Chai to a showroom with a pricey product range, a large section of our society has adapted to UPI.

It actively utilises the mechanism for seamless payments. In the early stages, a year after the launch of UPI, the total number of payments was 6% compared to 36% of Card payments. However, in FY 2021, UPI’s share expanded to 63%, while the percentage of Card payments shrunk to 9%.

The progressive advancement of UPI has not just constructed an efficient payment instrument, but it has connected millions on an inclusive and well-structured Digital platform.

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