The fast payment technique known as UPI, or “unified payment interface,” was created by NPCI. 80% of Indians pay their bills using this UPI. Since there are no transaction fees involved, users can avoid paying the bank’s interest or charges.
What transpired when the UPI went global?
Due to the fact that our currency, the rupee, is not accepted as a trade currency today, it is very challenging for Indians to travel abroad because we must first enable international transactions, and when we use our card to make a purchase, the bank imposes higher fees than usual. We won’t need to worry about payments if UPI expands internationally because we can do it easily using UPI alone.
Do other nations recognize UPI?
Yes, they approach us and confirm that they are interested in using UPI. All of this is possible thanks to our adored prime minister Narendra Modi ji. He takes use of the G20 submission to encourage UPI and demonstrate its advantages to the audience. France recently announced plans to employ UPI, launching the service for the Eiffel Tower initially.
How many countries are going to use UPI?
Here is the list of countries: –
- The US
- Hong Kong
- Saudi Arabia
It’s a proud time for Indians since this move could turn the rupee into a trading currency as we prepare to become a powerhouse in the next few years. If everything goes as planned, it’s anticipated that our GDP would have doubled by 2030. Best case scenario.
“Jai Hind, Jai Bharat”