India's United Payment Interface has become a part of everyday life in India, with the connected population using it for 782 crore transactions in 2022. After Rs 124.94 lakh crore paid in a year, UPI has transcended borders by facilitating quick transfer to Singapore. Now the service first launched in 2016, has been hailed by Prime Minister Modi as a marker of success for digital India.
During his monthly Mann Ki Baat programme, PM Modi highlighted how people of India and Singapore are transferring money via smartphones thanks to the UPI-PayNow link. He went on to add that several countries are being attracted towards the platform after its success in India and abroad. Currently, Indian travellers to UK are also able to make UPI payments through QR codes, and NRIs in 10 countries can use the platform for fund transfers.
The UPI has been developed by the National Payments Corporation of India (NPCI), which had been founded in 2008. UPI transfers in India are largely facilitated by apps such as Google Pay, PhonePe and Paytm, among others. Paytm is also the first platform to add UPI Lite feature, which allows payments of up to Rs 200, without a pin.
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