Just a little more than a year old now, Unified Payment Interface (UPI) is witnessing a surge of popularity among the Indian masses, by an exponential rate of a 100 times.
As per the data released by RBI, around 2 lakh transactions happen through the UPI platform daily, and it has gradually become the most preferred platform for digital transactions. According to the reports released by the National Payment Corporation of India (NCPI), the total value of transactions done with UPI has changed from a sharp rise of Rs. 27 billion in May this year, from Rs. 7 billion in December, 2016.
Many people still remain unaware of what UPI is all about. UPI was launched in January 2016 by the Government of India, as a simple platform for people to perform financial transactions through the comfort of their mobile phones. The interface is designed to allow transfer of funds across banks without the need of credit/debit cards or mobile wallets. UPI also negates the need for a painful process of putting in bank account details such as name, number, IFSC code and account type. The interface allows people to instantly send or receive funds by using their Aadhar number, registered mobile number or VPA, without entering bank account details. VPA, or a Virtual Payment Address, is basically a virtual financial address linked to your bank account(s) – a local identifier ID that can be used for representing individual bank account holders during transactions. This virtual address is similar to an email ID, for example, yourname@bankname and is given by your bank. So, you no longer need any mobile wallet app to perform digital transactions.
UPI is a safe, highly encrypted, government-backed alternative that simplifies online payments by providing an efficient platform with easy accessibility to your money anytime, anywhere. The rise in digital payments, especially through UPI and other mobile apps, can be credited to demonetisation of 500 and 1000 Rupee notes by the Indian government. The sudden move left millions with void notes in hand, and unbearably long queues in front of ATMs. The market for digital payments boomed overnight and banks found a tough competition in Mobile wallet companies. With UPI, the government gives banks a chance to tap into the digital market again.
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