![]() Hello UPI – the conversational payment mode, understands language and silence, can convert text into numbers and text to speech. Payment apps it’s live on include Bhim, Paytm, Payzapp and GPay. It’s live with a few public sector and private sector banks at the moment. "No wonder India accounted for almost half of the real-time digital transactions that happened in the world! Even other countries are keen on associating with UPI, so much so that Indians find themselves having the option of paying through UPI even outside India!" he said.įor credit line on UPI, scan the QR code through your UPI-linked app for buying the product you want to purchase, select bank you want, enter amount and choose credit line. In an exclusive interview with Moneycontrol this week, Prime Minister Narendra Modi also spoke about how amazed foreign delegates are when they see "street vendors asking customers to pay through a QR code through UPI." Has accelerated digitalisation through mobile phones and internet." This number is steadily rising and India’s technology stack Than 10 billion transactions for over Rs. Numbers, as it has scaled up in relatively a short period of time. He shared, in 2016, there were 1,000 startups in India and in 2023, there are 100,000 startups – a 10X growth.ĭas said, "The success of UPI is reflected in the sheer In the next 20 years, we will see huge formalisation of India,” he added.įurther, Nilekani believes a few things have made this a reality: digital infrastructures like Aadhaar and UPI and also entrepreneurs. “In India, we are going from an offline informal low productivity economy to a online formal high productivity economy as millions of people join society, get digital ids, bank accounts, mobile solutions and use digital capital to get credit. All these other tech companies we have set up in India on non-profit basis to create on digital public infrastructure, use NPCI’s model. Using NPCI as the template we have several bodies now of similar structures whether it is GSTM for taxes, Digi yatra app, ONDC. It has set the stage for national information utilities. The structure of NPCI set up by RBI in 2008 as a non-profit company for payments, far expected expectations. Nilekani said, “NPCI is the crown jewel of India’s technology sector. The offerings were launched in the presence of Shatikanta Das, Governor, Reserve Bank of India (RBI) and Nandan Nilekani, co-founder and non-executive chairman of Infosys at the Global Fintech Fest in Mumbai on September 6. The non-profit organisation also revised its target from 30 billion transactions a month to 100 billion on the back of these new features. This comes a week after UPI achieved the milestone of processing 10 billion transactions in a month in August. These products include credit line on UPI, conversational payment mode ‘Hello UPI’, BillPay Connect, UPI Tap & Pay and UPI Lite X. National Payments Corporation of India (NPCI) on September 6 launched a slew innovative products which will catapult the payments giant Unified Payments Interface (UPI) to achieve 100 billion transactions a month.
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