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"India is emerging as a key player in digital technology, with even developed nations taking note of the success of our UPI transaction system," she said
The President also emphasized the role of Banking and Digi Payment Sakhis in driving this digital transformation
This comes at a time when India has been making strides in digital payments and has extended its UPI technology to support neighboring nations, including the UAE, Malaysia and Maldives among others
Highlighting India’s growing prominence in fintech and digital technology, President Droupadi Murmu has said that the country’s UPI system is gaining global recognition.
“India is emerging as a key player in digital technology, with even developed nations taking note of the success of our UPI transaction system,” she said.
The President also emphasized the role of Banking and Digi Payment Sakhis in driving this digital transformation.
This comes at a time when India has been making strides in digital payments and has extended its UPI technology to support neighboring nations, including the UAE, Malaysia and Maldives among others.
India’s homegrown Unified Payments Interface (UPI) kept ruling the digital payments landscape securing more than 85% of the pie in terms of volume in 2024.
According to the Payments System Report 2024 by the Reserve Bank of India (RBI), out of 20,787 Cr digital payments recorded during the year, 17,221 Cr transactions were routed through UPI.
UPI space in India is currently witnessing a host of developments. For instance, the National Payments Corporation of India (NPCI) has said that from February 1 users can’t use special characters in Unified Payments Interface (UPI) identity.
Also, Reliance-backed Jio has reportedly introduced a new feature for its JioBharat device – JioSoundPay, an offering designed for small-scale merchants across India.
This new feature is designed to provide instant, multilingual audio confirmations for every UPI payment, making business operations smoother and more efficient for small kirana stores, vegetable vendors and roadside eateries.
Meanwhile, the total value of UPI transactions zoomed over 35% to INR 246.82 Lakh Cr from INR 182.84 Lakh Cr in 2023.
In 2024, the central bank also increased the transaction limit of the UPI Lite Wallet to INR 5,000 from INR 2,000. Along with this, the offline transaction limit for UPI Lite service was increased to INR 1,000 per transaction from INR 500.