Image showcasing surge in UPI transactions (Source: Twitter)
The National Payments Corporation of India (NPCI) released the data which is truly a proud moment for the people of Bharat as we embark on the journey of digital payments with the new record being created. The NPCI released the data in which it said that a total of 10.58 billion transactions were done digitally through UPI in August alone. It is truly a success story for a country of 135 crore people.
The new record created in UPI transactions has been vindicated by NPCI and it is a clear exhibition of “Made in India made for the world” since other countries have also started approaching India to get a know how about the technology and how to build it up and use it in their own country as well.
Union Home Minister Amit Shah hailed the achievement which India accomplished. It has been rightly said that since its inception, UPI has become a global fintech sensation. The incredible journey of the UPI has redefined the way we transact.
The way India has made emphatic progress in the field of digital payment, it has put a question mark on the credibility of the then former tainted Union Finance Minister P Chidambaram, who had in the parliament gone on record to mock the digital payment system.
However, today it is the common man, the street vendors who are using the Unified Payment System with ease and they find it more useful rather than dealing with the cash.
A vegetable seller in Delhi’s Munirka named Vikas, while speaking to Organiser said, “UPI payment has helped us a lot as now we do not have to confront the customers to give us exact amount. There used to be a lot of haggling if one did not have change and we had to incur loss.”
Growth in the UPI transactions in India
According to the data the UPI transactions in India have increased by 3.3x between Feb’21 and July ’23. The National Payments Corporation of India (NPCI), which manages the real-time payments system has stated that UPI transactions increased 67 per cent year-on-year to 10.58 billion in August.
Usage of UPI started increasing post demonetisation
It was on November 8, 2016 that Prime Minister Naredra Modi led government mae announcement about currency notes of Rs 500 and Rs 2,000 not being recognised as legal tenders. It was then that people ahd to storm to the banks to deposit the currency in possession.
However, this decision paved the way for the people to start treading on the path of making digital payments. The journey of digital payments which started slowly has now taken a turn of positive revolution across the country.
From the malls to the tea stalls on the footpath and vegetable vendors, they all are reaping the benefits of the UPI payments.
UPI proved to be a boon during the time of COVID 19 pandemic
It was in March 2020, when India was under lockdown due to COVID 19 pandemic, the digital payment proved to be a boon for all. Everyone could order almost products and items of necessity from the comfort of their homes. Also, since COVID 19 guidelines had to followed strictly such as maintaining social distancing, instead of making cash payments wherein money changed hands, people resorted to paying by using the UPI. This touch free payment system was hailed by one and all.
India’s UPI goes global
In wake of the acceptance of the UPI payment in India, now the government is going all out to make the system global. It is in this regard that Bharat is helping the world to build the necessary infrastructure to make payments for India travellers easy when they visit abroad.
It is interesting to note that India’s neighbours such as Bhuta and Nepal have already adopted the UPI system.
Recently, Germany’s Federal Minister for Digital and Transport, Volker Wissing, used UPI to make a payment in India at a vegetable vendor’s shop and was “very fascinated” by the experience.
The popularity of the UPI payment can be gauged from the fact an Indian named Pavan Puri who recently returned to India with his family lauded the UPI system. He said, “ In Canada, there is mostly internet banking and making payments through debit or credit cards. Here in India, it is extremely commendable that I can make payment from Rs 10 to Rs 10,000 or any other big amount by simply scanning the QR code.” He further said, “Making UPI payments helps me from the hassle of carrying cash also.”
Till now, Sri Lanka, France, UAE, and Singapore have partnered with India with regards to the emerging fintech and payment solutions. It was in July, when Indian Prime Minister Narendra Modi visited France that he shared the success story of Bharat’s UPI payment. During the address, he had spoken about the social transformation which the UPI payment had brought about in the country. While speaking to the Indian community in France, PM Modi had said, “Be it India’s UPI or other digital platforms, they have brought a huge social transformation in the country and I am happy that India and France are also working together in direction. India and France have agreed to use UPI in France. I will leave after the agreement. However, it is your job to move forward. Friends, in the coming days its beginning will be made from Eiffel Tower which means that Indian tourists will now be able to make payments in Rupees, through UPI, at Eiffel Tower.”
Leave a Comment