UPI system in India, which is used for transferring money, is an incredibly impressive system that the world admires. Its success in India can be easily observed. According to the latest data released by the NPCI, during the month of May, a total of 940 crore transactions were conducted through UPI, amounting to a staggering value of 13.3 lakh crore rupees. This is significantly higher compared to the same period last year, indicating a substantial growth of 35%. Such numbers not only resonate within the country but also echo in other nations, showcasing the remarkable achievements of UPI.
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| UPI: Revolutionizing Money Transfers in India |
Now, let's take a moment to understand what UPI is for those who may not be familiar with it. UPI can be thought of as a digital wallet, with the only difference being that it is entirely digital. It is important to note that these digital wallets offer more functionalities than traditional physical wallets. Every app that provides wallet services also enables direct transactions through UPI. This means that you can perform transactions using both your wallet and UPI. Wallet services for making payments are available throughout the country, and they constitute more than 50% of the total online transactions, surpassing other retail payment methods.
Now, you may wonder how UPI became such a marvel. Well, in simple terms, it allows the transfer of funds from one bank account to another in a matter of seconds. The features it offers are quite remarkable. For instance, the UPI system enables real-time fund transfers. Multiple bank accounts can be linked to a single UPI application. To send money to someone, all you need is their mobile number, account number, or UPI ID. Another fantastic feature is that you can perform banking transactions 24/7 using the UPI app. It's that easy! This is because UPI was developed based on the IMPS model, allowing it to function round the clock. Furthermore, when using UPI for online shopping, you don't need to enter details like OTP, CVV code, card number, expiry date, etc. With just a blink of an eye, all the necessary information is readily available on your device, saving you time and effort.
With UPI, you can easily make utility bill payments, engage in online shopping, and purchase anything you desire using your smartphone. The best part is that you don't require net banking, credit cards, or debit cards for these transactions. It is no wonder that foreign governments acknowledge India's expertise in UPI and appreciate the strides made in this field. Now, we would like to hear from you. Do you believe in the power of UPI? Let us know in the comment box.
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