Now (UPI) is ready to conquer the world! It has entered countries like UAE, Singapore, France and Bhutan.
Keep reading to know how (UPI) managed to reach new heights!
(bear markets definition)
We ask you a question.
How many checks have you issued in the last few months? OR How many NEFT or (RTGS) transactions have you done?
We are sure it will be minimum compared to your (UPI) transactions, right?
When we go to the mall or local grocery store, we prefer to pay using Google Pay, (PhonePe) or (Paytm), using Unified Payment Interface or UPI.
This is the only reason why we have seen an increase in UPI transaction volume in India.
What is happening?
Till 2016, citizens depended on making payments using cheques, demand drafts, NEFT, (RTGS) or credit and debit cards. What's more, local stores will not accept any of these payment modes other than cash!
Later, the National Payments Corporation of India (NPCI) came up with an instant real-time payment system called Unified Payments Interface or UPI.
Since then, the way we pay has changed. Now, we transfer money from person to person instantly with just one click!
After achieving such a huge success in India, (NPCI) established the International Branch of (NPIL) (NPCI) and expanded it to various countries.
United Arab Emirates (UAE): (NPIL) partnered with the payments business of Mashreq Bank, one of the leading financial institutions in UAE, and launched (NeoPay) in April 2022, an initiative of BHIM UPI to Indian tourists. To make payments conveniently using
Bhutan: In July 2022, in partnership with the Royal Monetary Authority (RMA) of Bhutan, they adopted the UPI standards for its QR codes along with the launch of the BHIM UPI app.
Singapore: India's UPI will soon be linked to Singapore (Penau), providing instant low cost and convenient cross-border fund transfers.
France: (NPCI) International also signed a Memorandum of Understanding (MoU) with Lyra Networks of France for the adoption of UPI ...more information
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