 "In Graphics | The rise of India's Unified Payment Interface (UPI)")
India on Monday launched its Unified Payment Interface (UPI) services in Sri Lanka and Mauritius. UPI services were launched during a virtual ceremony attended by Prime Minister Narendra Modi, Mauritian prime minister Pravind Jugnauth and Sri Lanka’s president Ranil Wickremesinghe. Unified Payment Interface (UPI) is an instant payment system that allows users to instantly transfer money to any bank account
The launch of the Indian services in Sri Lanka and Mauritius came amid New Delhi’s increasing bilateral economic ties with the two countries.
The launch enables the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India. According to the National Payments Corporation of India (NPCI), UPI transactions crossed 10 billion mark in August. According to the NPCI data, the UPI transactions on August 30 stood at 10.24 billion. In value terms, the transaction had totalled Rs 15,18,456.4 crore. The number of UPI transactions in July was 9.96 billion (996.4 crore), up from 9.33 billion in June. In value terms, the transactions totalled Rs 15,33,645.20 crore. Let’s take a closer look at the rise of UPI:
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