Events
Over $1 billion was processed by Indias UPI Digital Payment Service last year.
By Kajal Sharma - 07 Feb 2024 11:30 AM
Along with Indians residing overseas, the service is also being extended to other nations, such as Malaysia, Oman, Qatar, Saudi Arabia, Singapore, and the United Arab Emirates.According to India's Finance Minister Bhagwat Karad, the unified payment interface (UPI) processed over 9,300 crores ($1.21 billion) in 2023—a substantial rise over previous years.Through a scan-and-app mechanism, UPI enables rapid payment for products and services. It also consolidates bank accounts into a single digital wallet.Karad declared that accounts held by foreigners and Indians living overseas were added to the system in February 2023. According to reports, there have been more foreign transactions made through the app than the 386 that were registered in 2022.Karad also stressed that as long as their phone numbers are connected to their non-resident external (NRE) or non-resident ordinary (NRO) accounts, Indians residing overseas are eligible to use the system. The system's installation in a number of India's international airports, including Bengaluru, Mumbai, and New Delhi, was also praised by the minister.