The move is expected to bring significant benefits to the Maldivian economy…reports Asian Lite News
Maldivian President Mohamed Muizzu has decided to take the necessary steps to introduce India’s Unified Payment Interface (UPI) in the Maldives.
The move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure, the President’s Office said in a statement on Sunday.
The decision was made after the Cabinet thoroughly discussed a paper submitted by the Minister of Economic Development and Trade at a cabinet meeting, ensuring a comprehensive understanding of the matter.
“In this regard, President Dr Muizzu has decided to set up a consortium to introduce UPI in the Maldives,” the statement added.
Muizzu suggested that banks, telecom companies, state-owned companies and fintech companies operating in the country should be included in the consortium. He also appointed TradeNet Maldives Corporation Limited as the consortium’s leading agency.
“He also decided to constitute an inter-agency coordination team comprising the Ministry of Finance, Ministry of Homeland Security and Technology and The Maldives Monetary Authority to lead the Ministry of Economic Development and Trade to oversee the establishment of the UPI in the Maldives,” the President’s Office said.
In August this year, Maldives and India signed an MoU during the visit of External Affairs Minister S. Jaishankar to implement the UPI in the island nation.
The financial interface operated by the National Payments Corporation of India is already operational in several international locations, including UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius.
Now Indian travelers or NRIs in UAE will make Unified Payments Interface (UPI) payments through QR code through Point of Sale machines….reports Asian Lite News
The Indian Government has been pushing UPI globally for faster digital payments. Now, UPI will be available in the Middle East country UAE as well.
NPCI International Payments Limited has partnered with Network International, a large digital commerce company in the Middle East and Africa for this.
Now Indian travelers or NRIs in UAE will make Unified Payments Interface (UPI) payments through QR code through Point of Sale machines.
NPCI International CEO Ritesh Shukla said that the increasing acceptance of UPI payments among UAE merchants will be convenient not only for Indian travellers, rather, it will promote innovative digital payment solutions at the international level.
According to the NPCI release, “The number of Indian travelers in the Gulf Cooperation Council (GCC) is estimated to reach 98 lakh in 2024. Around 53 lakh Indians are likely to reach UAE alone.”
The Government of India, the Reserve Bank of India (RBI), and NPCI International are working together to promote UPI on the global platform.
UPI is officially accepted in Nepal, Sri Lanka, Mauritius, UAE, Singapore, France, and Bhutan.
According to NPCI data, the number of transactions on the UPI platform in June was 13.9 billion.
It has seen an increase of 49 per cent on an annual basis.
The reason for the increase in UPI transactions is the linking of RuPay credit card with UPI and the launch of UPI in foreign countries as well.
The transaction volume in June stood at Rs 20.07 lakh crore, 1.9 per cent lower than Rs 20.45 lakh crore in May.
On a YoY basis, the transaction volume surged 36 per cent.
The average daily transaction amount reached Rs 66,903 crore while the average daily transaction count was at 463 million in June. The UPI numbers in the month of May were the highest in terms of value and volume since the UPI came into existence in 2016.
In June, the Immediate Payment Service (IMPS) transaction volume was down by 7 per cent in June at 517 million, as compared to 558 million in May.
Aadhaar Enabled Payment System (AePS) was up by 11 per cent in volume to 100 million in June as against 90 million in May and 95 million in April.
Earlier in the day, the Reserve Bank of India (RBI) joined Project Nexus with the four ASEAN countries to create a platform to facilitate instantaneous cross-border retail payments.
Nexus, conceptualised by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect India’s UPI with the fast payment systems of ASEAN members — Malaysia, Philippines, Singapore, and Thailand.
The purchasing trend via UPI/QR code is due to the fact that digital transactions now take a jiffy to complete the purchase journey via smartphones….reports Asian Lite News
As India’s digital and less-cash journey gains steam, more and more people are not only purchasing their daily essentials via unified payments interface (UPI) mode of digital transactions but also costly home appliances, high-end gadgets and designer apparels, among other things.
The seamless digital journey via the UPI mode has also resulted in people overspending on stuff they actually may not need at times, experts said on Saturday.
The purchasing trend via UPI/QR code is due to the fact that digital transactions now take a jiffy to complete the purchase journey via smartphones.
According to a recent survey by IIIT Delhi, nearly 74 per cent of people in the country are ‘overspending’ as a result of using UPI and other digital payment methods.
“The convenience and ease of digital transactions through UPI, in comparison to cash, may indeed lead to lower awareness of spending, as transactions are seamless and reduce the tangible feel of money leaving one’s possession,” Prabhu Ram, Head, Industry Intelligence Group at market intelligence firm CMR, told IANS.
Latest data from the National Payments Corporation of India (NPCI) revealed that the number of Unified Payments Interface (UPI) transactions reached 1,330 crore in April. On a year-on-year basis, the UPI transaction count has increased by 50 per cent.
Last year, the UPI transactions increased by almost 60 per cent to reach a record 11,768 crore.
Ramesh Narasimhan, Chief Executive Officer-India, Worldline, said that UPI maintains its position as the uncontested frontrunner, buoyed by substantial expansion in mobile transactions.
“This trend underscores users’ growing confidence and familiarity with smartphone-based payment methods,” Narasimhan added.
The average ticket size (ATS) of UPI transactions has also declined by 8 per cent from Rs 1,648 to Rs 1,515.
According to experts, consumer spending in India is soaring, with people splurging on cars, smartphones, TVs and other items, boosting the country’s economic growth.
However, the trend has also seen people overspending on certain high-priced items, thanks to UPI.
A recent report by Nielsen Media India, on behalf of Amazon India, showed that digital payment methods are on the rise in the country, with 42 per cent of consumers saying they will choose UPI for online festive shopping.
The linking of Indian and Ghanaian instant payment systems will be the latest in India’s expansion of UPI operations…reports Asian Lite News
India and Ghana have agreed to operationalise Unified Payment Interface (UPI) with Ghana Interbank Payment and Settlement Systems within six months in order to enable instant fund transfers for users in both countries, the Commerce Ministry said on Monday,
The discussions were part of a Joint Trade Committee (JTC) meeting between Indian and Ghanaian officials in Accra from May 2-3.
Both countries also discussed the possibilities of a Memorandum of Understanding (MoU) on Local Currency Settlement System (LCCS) in trade, digital transformation solutions, and on the opportunities offered by the African Continental Free Trade Agreement, the Commerce Ministry said.
The linking of Indian and Ghanaian instant payment systems will be the latest in India’s expansion of UPI operations, which are already available in countries such as France, UAE, Sri Lanka and Mauritius.
The move to settle bilateral trade payments between the two countries in local currencies will reduce dependence on the US dollar and help to strengthen the rupee.
A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, India, Amardeep Singh Bhatia.
In a comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion.
Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include cooperation in pharmaceuticals, healthcare, information and communication technology, agriculture and food processing, renewable energy, power sector, digital economy and digital infrastructure, critical minerals, textiles and garments, etc.
An official delegation from India consisted of officials from the Geological Survey of India, EXIM Bank and the Indian Pharmacopoeia Commission. The officials of both India and Ghana actively engaged in the proceedings of the JTC.
A business delegation led by the Confederation of Indian Industry (CII) also accompanied the official delegation with representatives from the varied sectors including power, fintech, Telecommunications, electrical machinery, and pharmaceuticals sectors.
The delegation including representatives of business also met the Secretary-General, AfCFTA and his team of officials wherein areas of cooperation included the signing of an MoU, setting of standards, investments, participation in trade events in India, and increasing the depth of engagement between India and AfCFTA was discussed. Names of nodal officers to take the discussions forward were also exchanged.
Ghana is an important trading partner of India in the African region. Bilateral trade between India and Ghana stood at USD 2.87 billion in 2022-23. India stands as a leading investor in Ghana and emerged as the third-largest investor. These investments traverse diverse sectors, encompassing pharmaceuticals, construction, manufacturing, trade services, agriculture and tourism.
Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other popular locations…reports Asian Lite News
PhonePe India on Friday showcased its services powered by the Unified Payments Interface (UPI) platform at a special event held in Nepal.
The event brought together key stakeholders from the Nepalese financial landscape, including senior representatives from Banking sectors, Payment System Providers, UPI-accepting merchants and representatives from business associations. The event was supported by Nepal’s largest payment system operator, Fonepay Payment Service Limited, which is also NIPL’s counterpart for Nepal.
The event saw a keynote address from Diwas Sapkota, CEO of FonePay Network, outlining the potential of UPI for Nepal’s digital economy. This was followed by an engaging panel discussion on the Influence of cross-border payments on Nepal’s economy and the financial landscape.
The panel included esteemed panellists like Kumari Bank Chief Digital Banking Officer Anish Tamrakar, Nepal Tourism Board Manager Shradha Shrestha, e-Sewa CEO Jagdish Khadka, and Asian Development Bank (ADB) ICT/MIS Consultant Vivek Rana.
The panel discussion addressed a range of issues related to cross-border payments and their impact on Nepal’s economy and financial landscape, as well as regulatory hurdles and compliance demands in facilitating international transactions. The panellists highlighted the positive influence of UPI on Nepal’s tourism sector, particularly by enhancing the overall tourist experience through convenient cashless payments.
“This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It is a testament to the collaborative spirit that will ensure UPI’s success in Nepal,” said Ritesh Pai, CEO of International Payments, PhonePe.
“Nepal is a popular tourist destination, particularly for travellers from India. With UPI, Indian tourists can now enjoy the same convenient cashless payment experience they are accustomed to back home, using UPI-powered apps such as PhonePe. This will not only enhance their travel experience but also encourage digital transactions,” he added.
The discussion further explored how cross-border payments impact the revenue streams and business models of financial institutions. Additionally, panellists examined the influence of UPI on consumer experience in Nepal, focusing on factors like convenience, interoperability, security, and cost-effectiveness.
Finally, the conversation delved into the broader macroeconomic implications of cross-border payments through alternative payment methods impacting underserved small and medium-scale entrepreneurs.
“Our four-year journey to bring cross-border payments in Nepal is finally successful, and UPI payment is Live in Nepal. As we introduce UPI payments in partnership with NPCI International and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses,” said Diwas Kumar, CEO of Fonepay Nepal.
“We extend our heartfelt gratitude to the regulators and government agencies for their invaluable support, recognising innovations and supporting private sector efforts in facilitating Nepal’s journey towards digital transformation. We urge authorities to foster an ecosystem that embraces and supports innovations, promote partnership with private sector players in technological advancements and bring state-of-art products and services to Nepalese consumers,” he added.
The programme culminated in a product showcase led by Pai. His presentation provided a comprehensive overview of PhonePe’s journey, highlighting its evolution. The presentation also delved into how PhonePe, powered by UPI fosters a thriving ecosystem, driving the democratisation of payments across India.
This was followed by a demonstration of solutions that benefit both, the Indian tourists and Nepalese merchants. Drawing parallels with the Indian market success story, the presentation illustrated how PhonePe can replicate this success in Nepal.
Nepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots, retail stores, religious sites, and other popular locations. Users simply need to scan QR codes from their preferred UPI-enabled app at merchant locations that are enrolled in the Fonepay QR scheme in Nepal.
This is facilitated through Fonepay’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Fonepay has enabled QR-code-based payments across payment service providers, leading banks and wallets, allowing Indian travellers to use UPI for transactions.
Additionally, after a while, tourists and visitors from Nepal travelling to India will be enabled to utilise their financial instruments like wallet-based apps to scan the UPI QR code and make payments effortlessly.
The partnership aims to assist Namibia modernise its financial ecosystem by leveraging India’s UPI technology and experience…reports Asian Lite News
NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), on Thursday said that it partnered with the Bank of Namibia (BoN) to support them in developing a Unified Payment Interface (UPI)-like instant payment system for the country.
The partnership aims to assist Namibia modernise its financial ecosystem by leveraging India’s UPI technology and experience. This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability.
“By enabling this technology, the country will gain sovereignty in the digital payments landscape and stand to benefit from enhanced payment interoperability and improved financial access for underserved populations,” Ritesh Shukla, CEO, NPCI International, said in a statement.
Moreover, NPCI said that this collaboration aims to improve digital financial services and support real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the country.
This partnership will also allow BoN to gain access to best-in-class technology and insights from NIPL, enabling the creation of a similar platform in Namibia for the digital welfare of its citizens.
“This endeavour, aligned with the Bank’s Strategic Plan and NPS Vision and Strategy 2025, deliberately employs a central bank-led approach to minimize infrastructure costs for financial institutions, thereby ensuring the sustainability and affordability of instant payment solutions for end users,” said Johannes Gawaxab, Governor of the Bank of Namibia.
Once operational, the platform will enable digital transactions in Namibia, prompting financial inclusion and reducing cash dependency by catering to underserved populations.
Meanwhile, UN General Assembly President Dennis Francis asserted that India showcases how the digital revolution can be democratized to benefit millions, serving as a pivotal force for social transformation and advancement.
“Models like the Citizen Stack (of India) should be embraced and replicated across countries in the Global South – supporting and empowering people, particularly the most vulnerable in our communities, in the true spirit of leaving no one behind,” he said on Thursday.
Speaking at a conference on Digital Public Infrastructure (DPI) hosted by India’s UN mission, he recalled his visit to India in January, when, he said, he saw the rapid expansion of digital public infrastructure that has removed many barriers and “enabled millions to achieve financial independence and prosperity”.
“In just seven years, India’s digital public infrastructure model has achieved over 80 per cent financial inclusion for its citizens, and now accounts for more than 60 per cent of all digital transactions worldwide,” he said.
At the conference, India showcased its Citizen Stack, the pioneering DPI, that provides seamless interoperability between various functions, from identity (for example, Aadhar) and payments (like UPI and Walmart’s PhonePe) to health (Sanjeevani) and public services delivery.
India’s Electronics Minister Ashwini Vaishnaw in a video message said, “India believes in the ethos of ‘One World, One Family, One Future’ (and) consistent with our ethos, we offer our Citizen Stack to the world.”
“The G20 summit in New Delhi last year recognised the transformative power of DPI and following this, India took the initiative to establish a global repository for DPIs currently housing over 55 DPIs from 16 countries,” he said.
“India has pledged $200 million to a social impact fund that will accelerate DPI adoption globally, especially in the developing countries,” he added.
In the digital universe, India’s DPI is unique because unlike the commerce-driven systems predominating the West or the closed government-controlled model in China, India’s DPI provides an open digital infrastructure with guardrails that the private and public sectors can use.
India’s Permanent Representative Ruchira Kamboj said, “India’s journey offers powerful lessons for other nations embarking on digital transformations emphasising a design approach focused on shared building blocks to spur innovation across ecosystems.”
“We invite you to engage with us, let’s stack up the benefits worldwide, and help millions more,” she said, “achieve their dreams”.
To evangelise the DPI model, India’s UN Mission is holding one-on-one sessions on Friday for countries that are interested in adopting it.
Amitabh Kant, who was India’s Sherpa for the G20 Summit, said that India was offering a “modular open source identity platform” that can be adopted by any country’s needs.
“Do not replicate what India has done,” he said. “If you want to transform the lives of citizens like India, you can use the model based on your own country’s ethos in a manner so that you can transform the lives of your citizens.”
The MoUs were exchanged between India and the United Arab Emirates in the presence of Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan.
Multiple memoranda of understanding, including an MoU on interlinking of the instant payment platforms – UPI and UAE’s AANI, were exchanged between India and the United Arab Emirates in the presence of Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan.
This will facilitate seamless cross-border transactions between the two countries.
The MoUs covered multiple areas, ranging from investment treaty, digital infrastructure projects and the interlinking of debit cards, credit cards and the online payment platforms.
The Ministry of External Affairs said in a statement that the MoU for the Bilateral Investment Treaty will be a key enabler for further promoting investments in both countries. India has signed both a bilateral investment treaty and a Comprehensive Economic Partnership Agreement with UAE.
MoU has been exchanged for cooperation in the field of electrical interconnection and trade which will open new areas of collaboration in the field of energy, including energy security and energy trade.
An Intergovernmental Framework Agreement was also signed between India and UAE on the India-Middle East Economic Corridor which would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity, the MEA stated.
The agreement for cooperation in Digital Infrastructure Projects will create a framework for wide-ranging cooperation, including investment cooperation, in the digital infrastructure sector and also facilitate the sharing of technical knowledge, skills and expertise.
The two countries have also established a cooperation protocol between the national archives of the two countries, which will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.
Another MoU focuses on cooperation in the field of heritage and museums. This would foster engagement between the two countries aimed at supporting of the Maritime Heritage Complex at Lothal, Gujarat.
According to the MEA, agreement has also been signed on interlinking of the instant payment platforms – UPI (India) and AANI (UAE). This will facilitate seamless cross-border transactions between the two countries. This follows the MoU on interlinking payment and messaging systems signed in July last year during Hon’ble PM’s visit to Abu Dhabi.
Another agreement on inter-linking domestic debit and credit cards – RuPay (India) with JAYWAN (UAE) has been signed. It is an important step in building financial sector cooperation, this will enhance the universal acceptance of RuPay across the UAE.
Prime Minister Modi congratulated UAE President Al Nahyan on the launch of UAE’s domestic card, JAYWAN, which is based on the digital RuPay credit and debit card stack. The leaders witnessed a transaction made using the JAYWAN card.
The leaders also discussed the strengthening of the energy partnership. They appreciated that in addition to the UAE being among the largest sources of crude and LPG, India is now entering into long-term contracts for LNG, the MEA statement read.
Ahead of the visit, RITES Limited signed an agreement with Abu Dhabi Ports Company and Gujarat Maritime Board with Abu Dhabi Ports Company. These would help in building port infrastructure and further enhance connectivity between the two countries. (ANI)
Prabhu Ram, Head, Industry Intelligence Group at CMR, told that UPI’s debut in Sri Lanka and Mauritius marks a series of ongoing pivotal steps in making digital payments more pervasive globally…reports Asian Lite News
The launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius by Prime Minister Narendra Modi is a significant step in establishing India’s global leadership in fintech and payments innovation, the industry said on Monday.
PM Modi, along with Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth, inaugurated the launch of UPI, and also RuPay card services in Mauritius, via video conferencing.
“UPI has truly revolutionised the way we pay every day in India. With this expansion, UPI will bring convenience and digital growth to these countries and open new opportunities for cross-border commerce and travel,” Upasana Taku, Co-founder and CFO, MobiKwik, told IANS.
PM Modi underlined that fintech connectivity will further strengthen cross-border transactions and connections.
“India’s UPI comes in a new role today — Uniting Partners with India,” he emphasised.
Prabhu Ram, Head, Industry Intelligence Group at CMR, told that UPI’s debut in Sri Lanka and Mauritius marks a series of ongoing pivotal steps in making digital payments more pervasive globally.
“UPI will facilitate commerce, foster great economic integration, boost cross-border travel, and simplify tourist experiences for Indian tourists,” he said.
Speaking about the convenience and speed of UPI transactions, PM Modi informed that more than 100 billion transactions took place via UPI last year, worth Rs 2 lakh crores or 8 trillion Sri Lankan rupees or 1 trillion Mauritius rupees.
The extension of RuPay card services in Mauritius will also enable Mauritian banks to issue cards based on RuPay mechanism in the country and facilitate usage of RuPay Card for settlements in India and Mauritius.
UPI has facilitated over 40 per cent of India’s digital transactions, highlighting the country’s potential for embracing fintech innovations. The rapid expansion of fintech in India has created a significant need for skilled professionals, particularly in IT, engineering and sales.
“Over 60 per cent of fintech firms seek proficient personnel to navigate this dynamic landscape. To meet these demands, apprenticeship programmes are vital in nurturing talent and bridging the skills gap,” said Dhriti Prasanna Mahanta, Vice President & Business Head, TeamLease Degree Apprenticeship.
The UPI-based payments crossed 10 billion monthly transactions in August for the first time…reports Asian Lite News
Digital payment methods are on the rise in India, with 42 per cent of consumers saying they will choose unified payments interface (UPI)-for online festive shopping, a new survey report showed on Monday.
In addition, 57 per cent indicated that their preferred digital payment method for earning rewards and cashback is UPI, especially during the festive season, according to the report by Nielsen Media India, on behalf of Amazon India.
The UPI-based payments crossed 10 billion monthly transactions in August for the first time, according to the National Payments Corporation of India (NPCI). Monthly transaction count on UPI crossed 10.24 billion with a net transaction value of Rs 15.18 trillion.
According to the survey report, about 75 per cent are interested in buying electronic gadgets and products (smartphones, TVs, refrigerators and ACs), luxury and authentic beauty brands, home furnishing/improvement items and consumables, online.
The survey said that 87 per cent of consumers in metropolitan cities and 86 per cent across tier-2 cities (population 10-40 lakh) prefer to shop online for the festive period.
“We are inspired to learn that consumers this year are excited and willing to spend and shop more online. As a marketplace, we are confident that the ‘Amazon Great India Festival 2023’ will offer a seamless shopping experience, incredible value and the widest selection of domestic and international brands and products,” said Manish Tiwary, Country Manager India Consumer Business, Amazon India.
More than 70 per cent of consumers wait for online festive shopping events to purchase electronic items.
Over 75 per cent of consumers are excited with attractive bank offers and no-cost EMIs for making their purchase more convenient and rewarding, said the report.
Around 80 per cent consumers said online festive shopping events provide access to trendy brands for apparel, footwear, and various fashion accessories with nearly 64 per cent sharing their intent to purchase across these categories this festive season.
Driven by about 140 million shoppers, India is likely to witness Rs 90,000 crore worth of online gross merchandise value (GMV) in the festive month this year.
This is up 18-20 per cent from last year’s festive month sales, according to a recent report by market research firm Redseer Strategy Consultants.
In 2018, UPI transactions in terms of volume stood at 374.63 crore, which went up by 1,876 per cent to 7,403.97 crore in 2022….reports Asian Lite News
Unified payments interface (UPI) transactions rose manifolds between 2018 and 2022 in terms of value as well as volume, by 1,320 per cent and 1,876 per cent respectively.
In 2018, UPI transactions in terms of volume stood at 374.63 crore, which went up by 1,876 per cent to 7,403.97 crore in 2022.
In terms of value, the UPI transactions were Rs 5.86 lakh crore in 2018, which went up by 1,320 per cent to Rs 83.2 lakh crore in 2022.
RBI had in February this year allowed access to foreign nationals and NRIs visiting India by enabling them to make payments using UPI while they are in India.
This facility has been extended to travellers from G20 countries at select international airports (Bengaluru, Mumbai and New Delhi) for their merchant payments.
Further, a provision has also been made by RBI to provide UPI access to NRIs who have international mobile numbers linked to their NRE or NRO accounts.
Also the National Payments Corporation of India (NPCI) has said that the facility is allowed for 10 countries namely Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE and United Kingdom.
The UPI acceptance in foreign countries started in 2022.
NPCI International Payments Limited (NIPL), a wholly owned subsidiary of National Payments Corporation of India (NPCI), is responsible for internationalisation of UPI.
RBI has been facilitating engagements for the expansion of UPI in countries which have potential for collaboration, official sources said.
UPI transactions have been on the rise over the past few years owing to the arrival of several such interfaces, and people increasingly using them to make all sorts of payments, with small shopkeepers to big institutions preferring such modes of payments, a finance ministry official said.
Also the government has been aggressively promoting these modes of payments, especially the BHIM app, which has gradually led to their increase, both in terms of volume and value, the official said.
