In the 16 years that have followed its creation in 2008, the National Payments Corporation of India (NPCI), the organisation behind the Unified Payments Interface (UPI), India’s top digital payment system, has come a long way.
Since it was launched in 2016, UPI has revolutionised commercial transactions in India, allowing for payments for any sum, starting from sums as low as INR 1 and as a result it has close to a billion users in the country and over a billion transactions are recorded every day on UPI, making it the single largest digital payments system in the world.
UPI’s popularity is due to its seamless, instantaneous payment capabilities, allowing users to transfer money directly between bank accounts via their smartphones. And all this at no cost to the consumer, giving UPI a huge advantage over rival systems that charge for the same.
Over the years, UPI has redefined financial transactions domestically, but its influence is now extending beyond India’s borders, as an increasing number of foreign countries embrace UPI.
This global expansion is set to transform the travel experience for Indian tourists, providing them with greater convenience, security and comfort while shopping abroad, the expansion is not only beneficial for Indian travellers but also has broader economic implications.
Journey of UPI from India to the World
Initially, UPI was designed to facilitate easy and quick transactions within India, offering users a simple interface to send and receive money, pay bills and make purchases. The rapid adoption of smartphones and the internet in India created a fertile ground for UPI’s success. As digital payments surged, the NPCI began exploring the potential for international expansion.
This story is from the November - December 2024 edition of India Outbound.
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This story is from the November - December 2024 edition of India Outbound.
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