RBI approves expanding UPI transactions to allow credit payments. The Reserve Bank of India (RBI) has
Key Highlights :
UPI currently accounts for 75% of retail digital payments volume in India. In March alone, it recorded 8.7 billion transactions worth ₹14.1 trillion, showed data from NPCI. This is an increase of 25% from the 6.5 billion transactions recorded in March 2018. This growth is attributed to the increasing adoption of UPI and the increasing number of merchants using it.
UPI has been widely adopted in India due to its convenience and security features. It is also faster than other payment modes such as debit and credit cards. This is because it does not require the user to enter their card number or PIN. UPI also allows users to make payments without having to visit a merchant’s physical store.
NPCI has stated that the growth of UPI is expected to continue in the future. This is because it is a more cost-effective payment mode than other options and it is easier for users to adopt. UPI is also popular among small and medium businesses (SMBs) because it does not require them to invest in hardware or software.