How UPI Changed Payment Ecosystem In India

Unified Payments Interface popularly known as UPI, upi was launched in 11th April 2016 developed by National Payments Corporation of India (NPCI) established by the Reserve Bank of India (RBI) and Indian Banks Association (IBA). It was very strenuous before 2016 for making payments and doing transaction's, after launching of upi transferring money became effortless and doing online payment also became easy now we can do cash less transaction all over they India. Now not only in india 7 countries have adopted UPI payments SriLanka,Mauritius, France,UAE, Singapore, Bhutan,Nepal.

UPI is now expanding to globally upi also made booking flight ticket's, movie ticket's, ordering food from online became effortless. (As per the NPCI). Interestingly, the total UPI transaction value accounted for nearly 86% of India's GDP in FY22, Upi can save lot of time, also the launch of upi leads to the rise of new Indian startups like Grow. Transactions via UPI saw a staggering 56 per cent growth (according to a new report by Worldline, a global leader in payment services). Before 2016 if a person wants to transfer money to other bank account it was so tough now we can transfer in few minutes also upi is a faster mode of transaction. The future of e-commerce in India is promising, with projections indicating annual growth rates of 18% through 2025 for this growth upi has a big impact, Travelling cashless was impossible before 2016 now it's possible upi is helping in every sector, Upi has a year-on-year growth of over 60% this show's how upi is growing year by year this also hepled at the time of demonetisation, so it's the conclusion upi has replaced the traditional mode of payment and transaction this how upi has changed the payment ecosystem in india.

- A Blog By Phalgun Bhat 

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