UPI and RuPay card services go Global

UPI and RuPay card services go global

News: Prime Minister Narendra Modi along with the President of Sri Lanka and the Prime Minister of Mauritius jointly inaugurated the Unified Payments Interface (UPI) services in Sri Lanka and Mauritius.

What is UPI?
• Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI) in 2016. It is a smartphone application that allows users to transfer money between bank accounts.

Key Features:
• Single-Window System: UPI is a single window mobile payment system that eliminates the need to enter bank details or other sensitive information each time a customer initiates a transaction.
• Real-Time Payment: UPI is a real-time payment system designed to enable peer to-peer inter-bank transfers through a single two-click factor authentication process.
• Transaction Types: UPI facilitates both push (pay) and pull (receive) transactions. It even works for over-the-counter or barcode payments, as well as for multiple recurring payments such as utility bills, school fees, and other subscriptions.

Benefits:
• Universal Application: A single UPI app can be used for different bank accounts. You simply need to link your multiple bank accounts to your UPI-based application.
• 24x7 Fund Transfers
• Multiple Bank Accounts: You can link multiple bank accounts to the UPI platform, making it easier to manage your finances.
• Pre-Authorized Bill and Merchant Payments: UPI allows for pre-authorized bill payments and merchant payments, making it convenient for regular transactions.
• Enhanced Security: UPI is a secure platform regulated by the Reserve Bank of India (RBI), ensuring the safety of your transactions.

Impact of UPI:
• Rural Empowerment: Even in remote villages, vendors accept UPI payments. Farmers, artisans, and small businesses benefit.
• Financial Literacy: UPI encourages financial literacy. People learn about banking, digital security, and budgeting.
• 100 Billion Transactions: UPI handled over 100 billion transactions last year.