🐘India🇮🇳: UPI = revolution in digital payments

🐘India🇮🇳: UPI = revolution in digital payments

We've talked several times about India's digital payment system UPI; here we simply systematize it a bit. Additionally, there's a reason: the portal Thepaypers interviewed Ritesh Shukla, Managing Director of the National Payments Corporation of India (NPCI).

➡️ The Unified Payments Interface (UPI), developed by NPCI in 2016, is a popular mobile payment system that enables instant payments in P2M, P2P, B2B, Request-to-Pay, and A2A formats.

➡️ For P2P payments, UPI operates with aliases, eliminating the need to share bank accounts or card numbers.

➡️ For P2M payments, QR codes are used. Users can also link their RuPay credit card to UPI apps; eliminating the need for a physical card.

➡️ For merchants, UPI simplifies collecting payments directly from the customer's bank account, eliminating the need to handle cash or store sensitive customer information. The UPI ecosystem supports merchants of all sizes, from small retail shops to large e-commerce platforms.

➡️ UPI also supports recurring payments, including automatic debits for utilities, entertainment subscriptions, and more.

➡️ The system processes more than 75% of retail digital payments in India, with monthly transactions exceeding 14 billion USD.

➡️ UPI has 350 million users.

➡️ NPCI aims to create interoperability for UPI, facilitating cross-border P2P and P2M payments. Currently, Indians can make payments to some merchants in Bhutan🇧🇹, France🇫🇷 (e-commerce), Mauritius🇲🇺, Nepal🇳🇵, Singapore🇸🇬, Sri Lanka🇱🇰, and UAE🇦🇪.

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