https://sputniknews.in/20240205/indias-upi-digital-payment-service-processed-over-1-billion-last-year-6449048.html
India’s UPI Digital Payment Service Processed Over $1 Billion Last Year
India’s UPI Digital Payment Service Processed Over $1 Billion Last Year
Sputnik India
India's Finance Minister Bhagwat Karad has stated that the country's unified payment interface (UPI) was used to process more than 9,300 crores ($1.21 billion) in 2023, a significant increase compared to past years.
2024-02-05T19:43+0530
2024-02-05T19:43+0530
2024-02-05T19:43+0530
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India's Finance Minister Bhagwat Karad has stated that the country's unified payment interface (UPI) was used to process more than 9,300 crores ($1.21 billion) in 2023, a significant increase compared to past years.UPI allows instantaneous payment for goods and services through a scan-and-app system and also combines bank accounts into a single digital wallet.Karad announced that the system was amplified in February 2023 to include accounts held by foreigners and Indians abroad. The number of foreign transactions via the app has reportedly increased from the 386 recorded in 2022.Karad likewise emphasized that Indians living abroad can use the system as long as their phone numbers are linked to their non-resident external (NRE) or non-resident ordinary (NRO) accounts.The minister also touted the installation of the system in several of India's international airports, including Bengaluru, Mumbai, and New Delhi.
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indian minister state of finance, bhagwat karad, india upi transactions, foreign nationals, unified payments interface, union minister, reserve bank of india, foreign nationals and non-resident indians, upi payments, g20 countries, international airports, bengaluru, mumbai, and new delhi, non-resident indians with international, non-resident external (nre)/non-resident ordinary (nro), national payments corporation of india (npci), malaysia, oman, qatar, saudi arabia, singapore, the united arab emirates
indian minister state of finance, bhagwat karad, india upi transactions, foreign nationals, unified payments interface, union minister, reserve bank of india, foreign nationals and non-resident indians, upi payments, g20 countries, international airports, bengaluru, mumbai, and new delhi, non-resident indians with international, non-resident external (nre)/non-resident ordinary (nro), national payments corporation of india (npci), malaysia, oman, qatar, saudi arabia, singapore, the united arab emirates
India’s UPI Digital Payment Service Processed Over $1 Billion Last Year
The service is also being expanded to other countries, including Malaysia, Oman, Qatar, Saudi Arabia, Singapore, and the United Arab Emirates, as well as to Indians living abroad.
India's Finance Minister Bhagwat Karad has stated that the country's unified payment interface (UPI) was used to process more than 9,300 crores ($1.21 billion) in 2023, a significant increase compared to past years.
UPI allows instantaneous payment for goods and services through a scan-and-app system and also combines bank accounts into a single digital wallet.
Karad announced that the system was amplified in February 2023 to include accounts held by foreigners and Indians abroad. The number of foreign transactions via the app has reportedly increased from the 386 recorded in 2022.
The National Payments Corporation of India has confirmed that this service is currently available in various countries, including Malaysia, Oman, Qatar, Saudi Arabia, Singapore, the United Arab Emirates, and others.
Karad likewise emphasized that Indians living abroad can use the system as long as their phone numbers are linked to their non-resident external (NRE) or non-resident ordinary (NRO) accounts.
The minister also touted the installation of the system in several of India's international airports, including Bengaluru, Mumbai, and New Delhi.
