UPI goes Global..!! Can now be used in 7 countries..!?
No need to carry cash in hand wherever we go in India. All you need is a smartphone, a UPI app on it, and money in your bank account. Thus, the UPI service used for wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital money transactions in india can now be used in 7 countries including sri lanka and France. The central government implemented the UPI framework in 2016. That means you just need to link your bank account with the UPI app. Based on your registered mobile number you can send money to anyone, receive money, and pay merchants through a QR code. It is very easy to use and it has easily reached the masses.
The main reason for this is the growth of fintech companies in particular. As a result, UPI transactions have now become mainstream in india, from large malls to small box stores. It is noteworthy that India's UPI framework is a global model for money transaction technology. In particular, in august 2023, india set a record of 10 billion UPI transactions. Data suggests that by 2022-23, 62% of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital payment transactions will be through UPI. National Payments Corporation has taken steps to facilitate transactions abroad using the UPI app. In response to this, last week, UPI service was introduced at the eiffel tower, a tourist attraction in France. indian travelers visiting the eiffel tower can pay in rupees through the UPI app on their mobile phones. As a result, UPI service has now been extended to sri lanka and Mauritius. indian Prime minister Narendra Modi and uae President Sheikh Mohammed bin Zayed Al Nahyan on Tuesday, february 13, officially launched the UPI and RuPay card services for use by the people of the uae in the United Arab Emirates. The central government has announced that the UPI service, which was used only locally till now, can now be used abroad. UPI service is approved in 7 countries namely France, Singapore, United Arab Emirates, Mauritius, sri lanka, Nepal, and Bhutan. The central government has said that this progress has been made to show that Make in india is Make for the World. Phonepay is leading in UPI app usage in India. Next up are the google pay and Beam apps. Initially, the paytm app played a major role in bringing UPI transactions to the masses. However due to the recent RBI ban on paytm Payments bank, its usage is drastically decreasing.