According to the trend, the value of online financial transactions in India climbed by 10.5 percent between December 2019 and December 2020. According to a joint report by market research firm WorldPay, digital wallets will account for 39.7% of India’s e-commerce payments in 2020, making them the country’s biggest online payment method. UPI-based digital transactions climbed 110 percent in volume and 109 percent in value between June 2020 and June 2021, according to EY statistics. If current trends continue over the next few years, UPI’s contribution to the nation’s total digital payments industry will expand dramatically. If UPI payments continue to rise at their current rate, the country’s total target of 30 billion transactions could be met in the near future.
Day: March 26, 2022
List of countries where UPI Payment is available
NPCI International Payments (NIPL), the international branch of the National Payments Corporation of India (NPCI), has teamed with Liquid Group, a cross-border digital payments provider, to allow QR-based UPI payments to be accepted in ten countries spanning north and southeast Asia.
The Liquid Group, based in Singapore, runs a QR payment network that allows payment schemes and digital payment apps to be accepted across borders. Payments companies in Singapore, Malaysia, Thailand, the Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, and Japan make up Liquid Group. Merchants who take QR payments will be able to accept UPI payments as well.
In the Middle East, NIPL had already worked with Mashreq Bank to accept UPI payments. Bhutan was the first neighboring country to utilize the UPI in July.
How UPI Payment Works
The use of UPI has simplified the money transfer process. You don’t need to remember the account number, account type, IFSC, or bank name of the recipient. Instead, you can send money to them simply by knowing their Aadhaar number, bank account cell phone number, or UPI ID. You can create a UPI ID on any app that supports the UPI service. A UPI ID usually starts with your phone number, then the ‘@’ sign, and concludes with the app you’re using.
If your phone number is 90xxxxxx60 and you use the Paytm app, your UPI ID may be ’[email protected]’. The ID can be created by entering your bank account information into the app. The application