oppn parties Paying Through UPI: Becoming A Habit

Story Of The Day

Assessee Not Responsible For Ensuring TDS Is Paid To The Government: Delhi HC
OPINIONS : Strongly Expressed

December 21, 2024

People Are Talking About

Rohit Warns Sarfaraz, Police Use It To Warn Two-Wheeler Riders

News Snippets

  • The Indian envoy in Bangladesh was summoned by the country's government over the breach in the Bangladesh mission in Agartala
  • Bank account to soon have 4 nominees each
  • TMC and SP stayed away from the INDIA bloc protest over the Adani issue in the Lok Sabha
  • Delhi HC stops the police from arresting Nadeem Khan over a viral video which the police claimed promoted 'enmity'. Court says 'India's harmony not so fragile'
  • Trafiksol asked to refund IPO money by Sebi on account of alleged fraud
  • Re goes down to 84.76 against the USD but ends flat after RBI intervenes
  • Sin goods like tobacco, cigarettes and soft drinks likely to face 35% GST in the post-compensation cess era
  • Bank credit growth slows to 11% (20.6% last year) with retail oans also showing a slowdown
  • Stock markets continue their winning streak on Tuesday: Sensex jumps 597 points to 80845 and Nifty gains 181 points to 24457
  • Asian junior hockey: Defending champions India enter the finals by beating Malaysia 3-1, to play Pakistan for the title
  • Chess World title match: Ding Liren salvages a sraw in the 7th game which he almost lost
  • Experts speculate whether Ding Liren wants the world title match against D Gukesh to go into tie-break after he let off Gukesh easily in the 5th game
  • Tata Memorial Hospital and AIIMS have severely criticized former cricketer and Congress leader Navjot Singh Sidhu for claiming that his wife fought back cancer with home remedies like haldi, garlic and neem. The hospitals warned the public for not going for such unproven remedies and not delaying treatment as it could prove fatal
  • 3 persons died and scores of policemen wer injured when a survey of a mosque in Sambhal near Bareilly in UP turned violent
  • Bangladesh to review power pacts with Indian companies, including those of the Adani group
D Gukesh is the new chess world champion at 18, the first teen to wear the crown. Capitalizes on an error by Ding Liren to snatch the crown by winning the final game g
oppn parties
Paying Through UPI: Becoming A Habit

By Linus Garg
First publised on 2023-09-04 08:24:14

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

When the video of German Federal minister for Digital and Transport, Volker Wissing, buying vegetables from a roadside vendor in India and paying through UPI went viral a couple of weeks ago, it had gladdened many hearts in the country. The German embassy in India said that the minister was 'fascinated' by his experience. Close on the heels of that comes the news that in August, for the first time, UPI transactions crossed 1000cr to stand at 1024cr on August 30, with transaction value of Rs 15.2 lakh crore. The trend of using mobile phones for purchases or financial transactions has now become a habit with most Indians and UPI is witnessing double-digit growth every year.

UPI's journey began in 2016, and it has come a long way since. Initially, 21 banks were associated with UPI, including Indian banks and the National Payments Corporation of India (NPCI). Today, UPI is interconnected with various government and private banks, as well as cooperative and foreign banks, reaching all corners of the country. India is leading the world in adopting UPI for financial transactions. RBI Governor Shaktikanta Das has indicated that efforts are being made to extend UPI services even to basic feature phones. It is crucial to continue developing initiatives that connect diverse populations in the digital world.

India is making significant strides in expanding the network of UPI globally. Countries that have embraced different forms of Indian payment systems include France, UAE, Saudi Arabia, Bahrain, Singapore, Maldives, Nepal, Sri Lanka Bhutan, and Oman. This implies that Indians will now be able to make payments through UPI in these countries. The good thing is that UPI is being seen as peer-to-global payment network although it has not been accepted as such now. The Boston Consulting Group has predicted that India's digital payments market will increase more than thrice from $3 trillion to $10 trillion by the year 2026.

Other Stories You Make Like

Editorials

Turmoil In Mollywood

Turmoil In Mollywood

NDA 3.0: Coalition Dharma

NDA 3.0: Coalition Dharma

In Depth

Supreme Court Gets Strict On Child Pornography

Supreme Court Gets Strict On Child Pornography

Editor's Pick

Budapest Chess Olympiad: India Are World Team Champions

Budapest Chess Olympiad: India Are World Team Champions
© 2014 India Commentary. All rights reserved.