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finance2 years ago

India's UPI transactions witness exponential growth, reaching ₹8375 crores in just 5 years

UPI transactions in India have surged from ₹92 crore in FY 2017-18 to ₹8,375 crore in FY 2022-23, with a Compound Annual Growth Rate (CAGR) of 147% in terms of volume. The value of UPI transactions has also risen from ₹1 lakh crore to ₹139 lakh crore, exhibiting a CAGR of 168%. UPI has become the primary driver for the expansion of digital payment transactions, constituting 62% of such transactions in FY 2022-23. The growth of UPI has contributed to a reduction in the growth of bank notes in circulation to 7.8% in the last fiscal year.

via Hindustan Times|
#digital-payments#finance#financial-growth
technology2 years ago

German Minister Volker Wissing Fascinated by India's UPI System

Germany's Federal Minister for Digital and Transport, Volker Wissin, used India's Unified Payments Interface (UPI) to make a payment, highlighting India's impressive digital infrastructure. The German Embassy praised India's success in digital payments, with UPI accounting for over half of India's digital transactions. Several countries, including Sri Lanka, France, UAE, and Singapore, have collaborated with India on fintech and payment solutions, and India has also agreed to employ the UPI payment mechanism with France.

via Times of India|
#digital-infrastructure#fintech#germany
technology2 years ago

"France Embraces India's UPI: Eiffel Tower Launches PM Modi's Initiative"

Indian Prime Minister Narendra Modi announced that India's successful Unified Payments System (UPI) will be used in France, starting from the iconic Eiffel Tower. This move will allow Indian tourists to make payments in rupees, eliminating the need for forex cards or cash. UPI, which merges multiple bank accounts into a single mobile application, has gained significant popularity in India and has already been adopted by countries like the UAE, Bhutan, and Nepal. The National Payments Corporation of India (NCPI) is also in talks to extend UPI services to the US, other European countries, and West Asia.

via NDTV|
#eiffel-tower#france#narendra-modi
finance2 years ago

Assessing the Impact of India's Rs 2,000 Note Withdrawal

The RBI's decision to withdraw Rs 2,000 notes will likely be a "non-event" due to the rise of digital transactions in India, according to an SBI Research report. The report said that the decision will actually have a favourable bearing on liquidity, bank deposits and interest rates. The share of small denomination notes (upto Rs 100) in total has declined progressively to 9.0% from 26.7% in 2017 in value terms and to 58.8% from 90.8% in 2017 in volume terms. Meanwhile, UPI has emerged as the most popular and preferred payment mode in India accounting for about 73% of the total digital payments.

via Indiatimes.com|
#currency-notes#demonetisation#digital-transactions