UPI Payments To Go Global: You Will Soon Be Able To Make Transactions in US Dollar
Indian payments revolution goes global! UPI is expanding to US dollars, opening up a world of seamless cross-border transactions.
Get ready for a revolution in digital payments! India's popular UPI system is set to allow dollar transactions, opening up a world of seamless cross-border interactions. The National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are working with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to make this happen, paving the way for a future where we send and receive money internationally as easily as we do within our own borders. This was reported by CNBC Awaaz.
This news comes ahead as RBI Governor Shaktikanta Das announced significant upgrades to UPI during the Monetary Policy Committee meeting. Here's a quick rundown:
- Higher limits for bigger needs: Hospital and educational payments through UPI just got a five-fold boost, from ₹1 lakh to ₹5 lakh per transaction.
- Auto-debit made easier: The limit for e-mandates, or recurring payments, has been doubled to ₹1 lakh. This simplifies regular payments for SIPs, insurance premiums, and even credit cards.
- No more OTP hassle for small auto-debits: Forget OTPs for low-value auto-payments! Transactions up to ₹1 lakh no longer require the additional factor of authentication.
What's behind this UPI revolution? It's all about convenience and empowerment. With its instant, 24/7 payments via a simple Virtual Payment Address (VPA), UPI is transforming the way India pays. And now, with its global connection and enhanced features, it's ready to take on the world.
READ| RBI Increases UPI Transaction Limit: Check All the Announcements
What Is UPI?
UPI, or Unified Payments Interface, is a revolutionary digital payment system in India. Developed by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), it allows users to transfer money instantly between bank accounts using a smartphone. The payment system was launched in April 2016 by Dr Raghuram Rajan, who was the RBI Governor at that time.
The National Payments Corporation of India (NPCI) mentioned: “Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.”
How Many Digital Payment Users Are There in India?
According to Statista, India's digital payments landscape is exploding, with UPI transactions reaching a staggering 83 billion in the financial year 2023! This marks a nearly 90% jump from the previous year's 45 billion, highlighting the rapid adoption of cashless transactions across the country.
As of November 2023, the Unified Payments Interface (UPI) boasts 516 participating banks, processing a staggering 11.2 billion transactions amounting to a jaw-dropping ₹17,39,740.60 crore.
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