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The Success Story of UPI

Updated: Jun 1

We all Indians use UPI nowadays like Phone Pe,Google Pay,BHIM etc.we all know how to send and recieve money through UPI but the fact is that Some of us, infact, many of us dont know how UPI transformed reputation of India at World stage๐Ÿ‡ฎ๐Ÿ‡ณ๐Ÿ‡ฎ๐Ÿ‡ณ๐Ÿ‡ฎ๐Ÿ‡ณ. So lets start by some introduction:

1- It stands for Unified Payment interface.

2- It is an Instant real-time Payment system.

3- It is developed by National Payment Corporation of India(NPCI).

4- Started its function from 2016.

There is also a query among People about the Revenue model of UPI?(No charge from customers,still ends in profit)๐Ÿค”๐Ÿค”Hmm....that's point lets see?๐Ÿ˜๐Ÿ‘

1-It earns a Commission Income from Mobile recharges,Bill Payments.

2- It earns from Advertising of

Coupons of Various Companies like Food,merchandise Companies etc.

Quick fact:-๐Ÿค”๐Ÿ™„

If suppose UPI charges 0.1% for each transaction and total transaction value during 2k21=72 lakh crore....then 72 lakh crore*0.1%=thats a biggie๐Ÿ”ฅ๐Ÿ”ฅ๐Ÿ”ฅ๐Ÿš€๐Ÿš€๐Ÿš€

Lets come to our point how it transformed India's Position๐Ÿ‡ฎ๐Ÿ‡ณ๐Ÿ‡ฎ๐Ÿ‡ณ

1- In 2k21,there were 38,744 volume of transactions through UPI and that accounted for 72 lakh crore.

2- The worth of Money was Exchanged on the UPI platform is 2.8 times the value of Debit and credit card payments at POS terminals and 20 times the value of Digital wallet and prepaid Instruments in India

3- It accounts for around 15% of Indias GDP.

4-Looking at the growth of the UPI,It will soon surpass Visa and Mastercard by 2k23 or before....

Lets go international๐Ÿš€๐Ÿš€:-

1-This is an unique system by India which is not yet present in Developed Countries.

2- China has Alipay and we chat but its kind of Wallet system and not transperent.

3-There are many Countries which have developed or accepted UPI-

Bhutan,Nepal,Malaysia,Singapore,UAE.

Crunchier fact- The Superpower USA has also been influenced by Ease of Payment System and Google has openely suggested US Federal Reserve to Develop a Payment system like UPI,but Banks there are still not Convinced to allow this kind of System.





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