INDIA TOPS IN FAST PAYMENTS

CURRENT CONTEXT: The International Monetary Fund (IMF) has recognized India as the global leader in fast payments. India’s Unified Payments Interface (UPI) has become the number one real-time payment system, surpassing Visa.

 ABOUT UNIFIED PAYMENTS INTERFACE (UPI):

• Instant payment system developed by National Payments Corporation of India (NPCI).
• Regulated by Reserve Bank of India (RBI).
• Built over Immediate Payment Service (IMPS)

DIGITAL FOUNDATION OF UPI:

• Pradhan Mantri Jan Dhan Yojana (PMJDY): Over 55 crore bank accounts opened.
• Aadhaar and Digital Identity: Enabled secure authentication.
• Connectivity and 5G Revolution: Enabled broad digital access.

UPI AS A GAME CHANGER:

• Digital Public Infrastructure: Open-source platform, unlike closed loop systems.
• Easy Integration: Supports both real-time and batch settlements.
• Interoperability: Enables user choice and easy market entry.
• Cross-border Transfers: Platform-based international payment solution.
• Global Expansion: Operational in Singapore, UAE, Bhutan, Nepal, Sri Lanka, Mauritius, France, Namibia.

Supports Regional Languages in India for ease of access.