India's UPI Transactions Way More Than US Digital Payments: S Jaishankar

New Delhi: Addressing an event in Bikaner, Rajasthan, External Affairs Minister S Jaishankar underscored India's significant progress in digital payments, highlighting the widespread adoption of Unified Payments Interface (UPI) transactions across the country. He was addressing the event on April 10, 2024.

UPI Transactions In India vs US

Jaishankar revealed that India now conducts UPI transactions amounting to Rs 120 crores monthly. Drawing a sharp contrast, he pointed out that the United States only manages digital transactions worth Rs 40 crores annually. (Also Read: 'This Salary Equal To IT Companies': Users On Viral Job Posting At Momo Shop)

India's UPI Revolution

Jaishankar underscored the significance of UPI, a revolutionary system integrating multiple bank accounts into a single mobile application. (Also Read: Hyderabad Restaurant Fined Rs 5K For Denying Free Drinking Water)

UPI Launch Date In India

Launched on April 11, 2016, by former RBI Governor Raghuram Rajan, UPI seamlessly amalgamates various banking features, facilitating effortless fund routing and merchant payments.

RBI's Latest Proposals

In a recent move, the Reserve Bank of India (RBI) proposed enabling users to deposit cash in cash deposit machines (CDMs) through UPI.

RBI Governor Shaktikanta Das announced this initiative during the first monetary policy outlook of the current fiscal year. Das emphasized the need to enhance customer convenience and boost digital payment adoption for small-value transactions.

Expansion Of UPI Services

India's UPI services have not only transformed the domestic payment landscape but have also made significant strides globally. UPI services have been introduced in Sri Lanka, Mauritius, and Nepal.