The Unified Payments Interface (UPI) channel has been reported to have grown the fastest among all modes of retail digital payments.In a major boost for the Government of India's push for less cash economy, the bellwether of digital payments in India, the United Payments Interface (UPI) transactions in the month of October have already crossed the coveted mark of one billion, reports The Times of India.
The major milestone has been achieved after three years of the launch of the technology-backed payments solution built by the Government of India's National Payments Corporation of India (NPCI).
What adds to the glory of the UPI is that just recently, the platform had touched and also breached another milestone of having 100 million users. The development made UPI the app to have witnessed the fastest adoption among all payment systems anywhere in the world.
With booming adoption and usage in the domestic market, the NPCI has not got the ball rolling for UPI's global roll-out. The institution is presently working to enable the usage of UPI in Singapore and the United Arab Emirates (UAE) to start with.
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