RuPay and UPI are not only affordable and highly secure but also becoming a new identity of India in the world. Recently, Japan has expressed interest in joining India’s UPI payment system after the UPI-Penou linkage started between India and Singapore. The interest in digital payments has increased in India due to the ease of UPI, initiated by Prime Minister Narendra Modi. Now 40% of the world’s real-time digital payments are happening in India only. SBI’s recently released research report “Ecowrap” states that every Re 1 increase in the value of UPI transactions leads to a decline of 18 paise in debit card transactions, indicating that a person now transacts on an average 8 times visiting ATMs whose number was 16 earlier. This observation of SBI is based on monthly data analysis for the period from April 2016 to April 2023. 73% of digital payments in the country are being done through UPI only. Where there were 1.8 crore transactions in the year 2017, which has increased to 8,375 crore in 2022-23. In the same period, transactions of Rs 139 lakh crore were done through UPI, which was only Rs 6,974 crore in the year 2017.
(This story has not been edited by News Mania staff and is published from a Release -Central Bureau of Communication)
