Business Desk: India continues to be the leader of the digital payments market globally. Its Unified Payment Interface (UPI) system where people can digitally make transections through their mobile phone in a split of a second has revolutionized the fintech industry and made India the leader of digital payment.
By the third quarter of this past year, around 52 per cent of transactions were carried out by using mobile wallets and UPI applications like PhonePe and GPay.
This payment technology which is exclusive to India was launched just six years back. However, it has been adopted by the community at a whirlwind speed and made it one of the most common mode of transection. From small street vendors to high street stores, UPI is everywhere. It has even surpassed China which used to be the powerhouse in the digital payments a few years back.
Prime Minister Narendra Modi also talked about the power of UPI in his 98th Maan Ki Baat radio programme. He stated that its power is now visible everywhere, and the world is showing interest in India’s UPI.
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