In 2016, ex-RBI Governor, Raghuram Rajan launched UPI.
Now in just a span of 7 years, this technology has completely transformed India’s payments landscape.
Seeing UPI’s success, the entire world wants a piece of this “Made in India” technology!
And, why not! UPI has been instrumental in enabling a digital revolution in India. Even small vendors selling tea by the roadside in Tier 2 and Tier 3 cities have a QR code display, making cashless payments oh so easy!
Not only this, major Indian fintech success stories like PhonePe and BharatPe are built on the backs of UPI.
In 2022, a whopping total of 7.82 billion transactions, worth Rs. 125.94 trillion were made via UPI! And, no doubt, with India’s growing economy, this number will continue to increase year over year.
Google (runs the UPI payments platform Google Pay) even recommended that US Federal Reserve replicate the India-based UPI technology in the United States.
Foreign interest in UPI has been present from the very beginning. But yesterday, the Indian government took a crucial step to make Global UPI a reality!
India and Singapore have successfully launched a cross-border linkage between India’s UPI and Singapore’s real-time payment system PayNow!
There is so much buzz around UPI that new groundbreaking UPI-related news appears almost every month. Staying up-to-date with UPI-related developments is extremely important.
So, let’s test your UPI knowledge through this small quiz! 😉