Finance Ministry lists 10 things that make UPI unique, says record 1,658 crore transactions processed per month

Stating that the Unified Payments Interface (UPI) has revolutionized digital payments in the country, the Finance Ministry said on Sunday that a record 1,658 crore financial transactions, amounting to Rs 23.5 lakh crore, were processed in October, marking an increase of 45 per person. cent in the corresponding period last year. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized the country’s payments system by consolidating multiple bank accounts into a single mobile application, according to an official statement. The department also said that the UPI system enables seamless money transfers, merchant payments and peer-to-peer transactions, giving users flexibility with scheduled payment requests.

“UPI has not only made financial transactions fast, secure, and effortless, but has also empowered individuals, small businesses and merchants, furthering the country’s transition to a cashless economy. This remarkable achievement highlights India’s commitment to using technology to promote inclusive growth and economic development.” ,” the minister wrote.

The finance ministry has highlighted 10 key points that make the country’s Unified Payments Interface unique:

• Round the Clock Accessibility: Integrated Payments Interface enables instant money transfers using mobile devices seven days a week and 365 days a year.
• Unified Banking Access: UPI enables users to access multiple bank accounts through a single mobile application.
• Seamless and Secure Payments: UPI offers one-click, two-factor authentication to ensure compliance and security, one transaction.
• Enhanced privacy: UPI uses physical address for transactions. This eliminates the need for users to share sensitive information such as account numbers or IFSC codes.
• QR Code Integration: UPI facilitates easy payment by scanning a QR code. This supports fast and secure transactions.
• A Different Method of Cash Delivery: The Unified Payments Interface simplifies operations by replacing the hassle of paying cash at the time of delivery.
• Merchant and In-App Payments: Supports merchant payments through a single app or directly within apps.
• Various Payment Options: UPI includes utility bill payments, ITT sales, and scan and pay features.
• Transaction Flexibility: Enables financial transactions such as donations, payments and collections with ease.
• Customer Support: UPI enables users to raise complaints directly from the mobile app.

Overall, UPI has changed the way India conducts financial transactions: Ministry of Finance

UPI has also ranked the country as the global leader in digital payments.

“By providing a seamless, secure, and easily accessible platform for both individuals and businesses, UPI has played an important role in promoting financial inclusion and accelerating the nation’s transition to a cashless economy,” the ministry said.

The phenomenal growth of UPI, in terms of number of transactions and geographic reach, highlights its transformative impact on the financial landscape, it noted.

“As UPI continues to spread globally, it is setting new standards for digital payments, empowering citizens, improving economic opportunities, and contributing to India’s growing influence in the global financial sector,” the ministry added.