UPI Revolution in India #india #indianews #digitalpayments #digitalindia #development #finance

why UPI payment became so prevalent in India? Behind this there is JAM trinity. J is for Jan dhan Accounts opened by GoI for financial inclusion of indian people of all sections. A is for Aadhar based identity services. it helped bank to open accounts and mobile companies to issue mobile number, making it easy to establish identity of an individual. M is for Mobile
Services. in 2016 Reliance Jio reduced the internet data prices by 95% and each individual in india could access cheap internet in remotest location of india .
Moreover growing disposable income and changing economic behavior of the people also pushed digital payment based on upi.
Growing concern over digital colonization of tech owning countries over poor developing countries as event by Russia Ukraine war forced india to take steps in this direction.
Many countries of the world have shown interest in linking upi with their domestic payment services . the list of countries include Nepal, Bhutan, Sri Lanka, Singapore, France, Belgium, Luxemburg, Switzerland, malasia, south Korea and gulf countries such as uae, Saudi arab, Oman, Bahrain, Qatar and uk. The cost of remittance transfer to india will be reduced by 10% with upi enabled transfers also the indian tourists will be able to pay via upi enabled qr codes on PoS machines.

For more info go to : https://www.orfonline.org/tags/upi/
https://www.npci.org.in/what-we-do/upi/product-overview
https://pib.gov.in/FeaturesDeatils.aspx?NoteId=151350&ModuleId%20=%202

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