Dilip Modi, founder of Spice Money said this “This especially proves that people in rural and semi-urban areas have adopted digital payment systems quickly. Digital payments emerge as one of the highlights of Union Budget 2023.” Modi also said that UPI has played an important role in bringing about financial inclusion in the country. Government’s push towards digital payments is one of the main reasons for the growth of UPI transactions. In a major relief for 3rd party players in digital payments, NPCI last week said that the deadline for UPI’s prevailing transaction volume norms has been extended till December 31, 2024.
Some information about Unified Payment Interface (UPI):
Unified Payments Interface (UPI) is a system that connects multiple bank accounts through a single mobile application. NPCI launched a pilot with 21 member banks. The pilot was launched in Mumbai on 11 April 2016 by the then Governor of the Reserve Bank of India (RBI) Dr Raghuram G Rajan. Banks will start uploading their UPI enabled apps on Google Play Store from August 25, 2016 if this pilot is successful. As of September 2022, there are 358 banks on this platform.
Some information about National Payments Corporation of India (NPCI):
The National Payments Corporation of India (NPCI) is the organization set up to manage the retail payment and settlement system in India. It is created under the initiative of Reserve Bank of India (RBI) and Indian Banks Association (IBA) under the provisions of Payment and Settlement System Act. NPCI, established in December 2008, is a not-for-profit organization under Section 8 of the Companies Act, 2013.