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India's UPI Revolution Powers 50% Of World's Digital Payments
- India is a global leader in fast digital payments, with the Unified Payments Interface driving this growth, as stated by the International Monetary Fund .
- In June 2024, UPI processed Rs 24.03 lakh crore in transactions, achieving a 32% year-on-year increase compared to the previous year, according to the Press Information Bureau .
- UPI connects 491 million users, 675 banks, and handles 85% of all digital payments in India, as reported by PIB.
- UPI is now operational in seven countries, including France, aiding in smoother cross-border payments for Indians, as noted by PIB.
17 Articles
17 Articles
Unlocking the Power of Data in Digital Bill Payments
India’s Bharat Bill Payment System (BBPS) has transformed how consumers manage bill payments. This platform has become the go-to way to pay bills from electricity payments to school fees—quickly, securely, […] The post Unlocking the Power of Data in Digital Bill Payments appeared first on Express Computer.
Important news for PhonePe, Google Pay, Paytm users: These new rules will be applicable in UPI from August 1 - Business League
NPCI (National Payments Corporation of India) has released new API guidelines for banks and payment apps to make UPI faster, secure and stable. UPI New Rules From August 1: If you use UPI apps like PhonePe, Google Pay or Paytm daily, then some new rules will be applicable for you from August 1, 2025. NPCI (National Payments Corporation of India) has issued new API guidelines for banks and payment apps to make UPI faster, safer and stable. These …
India's UPI Overtakes Visa to Become World's Leading Real-Time Payment System - Get World Wide Update with Hourly Prime News
A Paradigm Shift in Global Digital Payments In recent years, the landscape of digital payments worldwide has experienced a profound transformation driven by technological innovation, increased smartphone adoption, and government initiatives aimed at financial inclusion. Among the most remarkable milestones in this evolution is India’s Unified Payments Interface (UPI), which has now ascended to become the world’s most dominant real-time payment s…
India's UPI Overtakes Visa to Become World's Leading Real-Time Payment System: IMF
India’s homegrown digital payment platform, the Unified Payments Interface (UPI), has now become the world’s largest real-time payments system by volume, surpassing global financial giant Visa. This remarkable development was highlighted in a recent report by the International Monetary Fund (IMF), which praised UPI for its scale, efficiency, and impact on financial inclusion. The IMF’s fintech report, titled “Growing Retail Digital Payments: The…
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