According to reports, the total transactions have increased by 47 percent compared to last year in August this year, India’s online payment platform UPI, or unified payment interface achieved the remarkable milestone of crossing 10 billion transactions in a single month. this counts as the all-time high of 10.58 billion transactions in August.
Union telecom minister Ashwini Vaishnaw said in a tweet “Digital India achieves a new record . UPI payment transactions crossed the 10 billion mark on August 23” as a way to celebrate this landmark. During July, the UPI transactions amounted to 9.96 billion while the total amount transacted was Rs 15.34 lakh crore. Following this achievement NPCI tweeted “Drum Rolls please, UPI has just shattered records with an astonishing 10 billion-plus transaction, join us in celebrating this incredible milestone and the power of digital payment. Let’s keep the momentum going and continue to revolutionize the way we make transactions with UPI”.
After its wide success in India, they are planning to widen the domestic market for UPI. India is in talks with other developing countries in its recent G20 summit so they take the payment system globally specifically in developing countries During the G20 meeting, India showcased how the UPI system works allowing other delegates to see and experience the meaning of real-time transactions over the phone.
According to reports, India has two main strategies for this development – The first one has been developing a digital infrastructure and platform where partner countries can enter and therefore form a commercial linkage or partnership to ease the payment for Indian travelers and migrate.
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Many neighboring countries like Bhutan and Nepal have already adopted this method of payment and this payment system is to be introduced in Sri Lanka. arrangements for so is been made now. Other countries like Singapore also entered in payment system for easier transactions.
To summarize, crossing the 10 billion transaction mark is a significant achievement for India and reflects the progress of the country and its financial ecosystem. This also acts as a promise of more financial inclusiveness and digital advancement in India.