UPI has increased the speed of mobile payments in India. Now he is preparing for the next stage of growth. • CableFree TV

Published by
Peter Kavinsky

In just six years, UPI has become the most popular online transaction method among Indians. The mobile electronics payment system was used for more than 6.57 billion transactions in the world’s second largest internet marketplace last month. Now he is taking steps to accelerate his growth.

The payment network, built by a coalition of banks, is India’s attempt to challenge card companies on the open market, get hundreds of millions of people into digital payments, and curb the spread of corruption.

“From March 2020 to August 2022, UPI usage grew by 427%,” Shaktikanta Das, India’s central bank governor, said at a conference on Tuesday afternoon.

The central bank is working to expand UPI to “several countries in Asia, the Middle East and other parts of the world” and is setting up an international subsidiary, he said.

“UPI has become the pride of the nation… I think this is one area where India can play an important role as a leader in the world in the coming days. This is a phenomenal product, but we need to be very careful about its infrastructure as it scales,” he added.

Das said Tuesday that two new UPI offerings — one that enhances the user experience and one that helps keep scaling — have been launched.

He said a lighter version of the payment system called UPI Lite currently operates in the country with eight banks including HDFC, SBI and Kotak. UPI Lite, first offered earlier this year, handles payments under INR 200 ($2.5) and aims to reduce strain on banking infrastructure, executives said at a conference on Tuesday.

Despite rapid growth, UPI continues to face some success challenges. UPI Lite is designed to work close to offline and seems to handle calculations a little differently than its mature counterpart. “You will receive an SMS once a day for UPI LITE transactions from your issuing bank containing the history of transactions carried out during the day,” the FAQ explains.

UPI Lite creates an on-device virtual wallet that can hold up to $25. About 50% of UPI transactions are worth $2.50 or less. “UPI Lite will provide users with a convenient solution for faster and easier low-value transactions,” said the National Payments Corporation of India, the central bank’s dedicated arm overseeing UPI.

The central bank also moving forward with its plan to link UPI to credit cards.

Das said Indian Bank will be the first to issue a Rupay credit card linked to UPI. By adding support for UPI in addition to credit cards, the central bank is trying to further expand the adoption of the new payment system by giving customers “enhanced options” for using their credit cards and boosting their credit scores, executives say.

“This has the potential to increase credit card penetration and expand the scope of digital payments in India, which will positively impact both card companies (such as SBI Cards) and fintech platforms (such as Paytm),” Goldman Sachs analysts wrote about this. step.

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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