UPI has become an accessible, easy, and reliable mode of transaction

UPI has become an accessible, easy, and reliable mode of transaction

UPI i.e. Unified Payments Interface has made India a leader in the field of financial technology. According to the Economist Intelligence Unit report, in the year 2021, India has overtaken countries like America, China, and South Korea in terms of UPI. Google, a global innovation leader, wrote a letter to the US Federal Reserve Board in December 2019 requesting that the US need to build a real-time payment system soon, taking inspiration from India's UPI. It is also important to know how UPI, through its state-of-the-art real-time payment system, shattered China's dream of establishing a fintech empire.

India embraces UPI: The Reserve Bank of India 2012 released a vision statement of setting up a paperless payment system, and a digital payment system in four years by adopting six points of security, efficiency, accessibility, inclusion, interoperability, and authority. A target was set for the construction of the project which could also support the green undertaking of the country. In the year 2014, as soon as the Modi government came to the center, this scheme got wings, because the government had also started a nationwide public awareness movement to open accounts under the Jan Dhan Yojana. The project was finally realized in 2016 and the citizens of the country started using it. India took UPI hand-in-hand and our country emerged as the world's largest real-time payment market. In May 2022, Rs 10.41 lakh crore was exchanged by making 5.95 billion payments, setting a record for payments by UPI.

Appreciating the efforts of the Modi government: For this unprecedented success of UPI, the efforts of the Modi government will also have to be praised, because the government not only promptly solved the obstacles in the way of this project, but also implemented this innovation in all service sectors. I was also encouraged under the Digital Mission. Till now, the trend of card-based payment was limited only to big cities even after years, due to these efforts of the government, UPI-based service in India had moved from the cities to the nooks and cradles of the villages. The process changed significantly when card-based payment systems were introduced into the market, where a third company intervened to settle payments on two accounts. American companies like Visa, Mastercard, etc. established their monopoly all over the world and thus became dominant in the economic world.

Debit card mandatory in UPI: Western countries including America use their economic soft power to destroy any other country and defeat enemy countries. In such a situation, China became the first country that developed its own card-based union pay payment system to break the monopoly of the West. Its popularity increased so much that by the end of the year 2017, 80 percent of the US market accepted it. But for India, the adage 'it's too late' became more meaningful as India moved from competing in established systems to a more integrated and futuristic step and freeing itself from established competition like cards, SWIFT codes, and QR codes, etc. by banks. Directly connected to mobile through UPI. There is also a preparation to do away with the mandatory debit card in UPI. The facility for offline payment from mobile is also going to be developed soon.

New hope for anti-China countries; On the one hand, there is Union Pay of China which is making a lot of efforts for the countries of the world to adopt its payment system. At present, China has also proposed Russia accept its payment system amid economic sanctions imposed on Russia. But the world is showing its interest due to the fast, secure, and interoperability features of India's UPI. In fact, many countries of the world have now understood the debt miracle of China. Also, considering its past record of expansionist policies, anti-human rights acts, etc., the world considers India's economic inclusion more appropriate and acceptable. This is the reason why Singapore, UAE, Nepal, Bhutan, and Myanmar as well as France have surprised the world by deciding to accept UPI. It is also new hope for the US and anti-China countries on the global board.

The National Payments Corporation of India, the parent organization that created UPI, has not stopped here but has partnered with PPRO, an international payment service provider, to integrate India's digital payments ecosystem to stay on top of the competition and take UPI internationally. Will take it to the global level by making it more strong and more competitive. Certainly, UPI can also enter the credit card market and give rise to new possibilities that even world leaders have not been able to achieve. This will be a great achievement for India.

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