RISE OF UNIFIED PAYMENTS INTERFACE(UPI)
In India, a new financial era powered by UPI has brought revolutionary changes in the way you transfer money. This has not only simplified monetary exchanges but has also made banking available to the masses, thus giving millions of Indians the opportunity to take part in the digital economy without any hassle. The Government of India has revealed that UPI transactions have surged by a staggering 896% over the past five years, from a mere 92 crore in FY 2017-18 to a colossal 8,375 crore in FY 2022-23.
Read more: What is UPI?
U.S SYSTEM LACKS BEHIND
The banking system in the United States lags behind India in terms of payment speed and ease of use. U.S. banks charge fees for several types of transactions, including, wire transfers, which has slowed the adoption of faster payment methods.
Read more: U.S. left behind
GLOBAL EXPANSION
Global cooperation with the international entities is a testament of UPI's preparedness for international expansion. It surpassed prominent global payment platforms such as China's Alipay, Paypal and Brazil's PIX in the number of transactions.
Read more: Global expansion
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