1 month ago
UPI Transactions Surge Over 5 Years
The Unified Payments Interface (UPI) has become very popular in India over the past five years.
It was started by the National Payments Corporation of India (NPCI) on April 11, 2016, with the help of the Reserve Bank of India (RBI).
UPI is a system that allows people to make digital payments easily.
A member of the Indian Parliament, Dr. Manna Lal Rawat, asked the government for information about how many people use UPI, how many transactions happen, and which other countries are using UPI.
The government shared that 12 countries have started using India's digital payment system.
UPI is now a very important part of how people pay for things in India and beyond.
UPI has seen a significant surge in transactions over the past five years since its launch on April 11, 2016.
It was launched by the National Payments Corporation of India (NPCI) under the regulatory supervision of the Reserve Bank of India (RBI).
UPI is authorized under the Payment and Settlement Systems Act, 2007.
Lok Sabha MP Dr. Manna Lal Rawat inquired about the current number of UPI users and transactions in India.
12 countries have adopted India's UPI digital payment system.
- Who
- National Payments Corporation of India (NPCI) and Reserve Bank of India (RBI)
- What
- Surge in UPI transactions and adoption by 12 countries
- Where
- India and 12 other countries
- When
- Over the past five years, launched on April 11, 2016
- Why
- To provide details on UPI users, transactions, and international usage
Key facts
- Launch Date
- April 11, 2016
- Regulatory Body
- Reserve Bank of India (RBI)
- Authorizing Act
- Payment and Settlement Systems Act, 2007
- Inquirer
- Lok Sabha MP Dr Manna Lal Rawat
- Number of Countries Adopting UPI
- 12
Sources
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