UPI & RuPay: What’s the next milestone for India’s digital payments revolution ?
India’s UPI or the Unified Payments Interface accounts for more than half of India’s digital transactions. Developed and launched by the NPCI (National Payments Corporation of India) in 2016, UPI now clocks over 9 billion transactions a month in terms of volume come 2023. In July 2023, the value of UPI transactions exceeded a whopping Rs 15 lakh crore! UPI is also going global now with countries like Sri Lanka, France and Singapore adopting its use. In this week’s episode of TOI Business Bytes, Praveena Rai, the Chief Operating Officer of NPCI talks about the journey of UPI. “The journey has been phenomenal, the data speaks for itself,” says Praveena Rai. “The objective for India is a less-cash economy. This is something we all agree…and we keep looking at where cash is being used and to solve the problems that people face, eliminate friction, so that it’s easier to use digital payments while cash is always available as an option,” Praveena Rai tells TOI in th...