Learn how UPI has successfully changed the digital payments landscape of India!

UPI recorded the highest transactional volume in October when more than 7 trillion transactions worth over Rs 12 trillion took place.

New Delhi, Dec 22: When Prime Minister Modi says that India is leading the world in digital revolution and Digital India has given relief to the poor from corruption, there is a lot of substance in it. Online transactions have been a major outcome of the 'digital India' movement that the Prime Minister launched in his first tenure. UPI has received mammoth success that even developed world envies.

Yes, we are talking about UPI not UPA which made the average person's life miserable with scams and mismanagement of the Indian economy. The UPI has received wide acceptance and proved the critics wrong who were saying that India with lower literacy would not be able to do online transactions.

Over 7 trillion transactions worth over Rs 12 trillion

This is an astonishing number that could show how UPI has achieved massive success. Earlier this year UPI recorded the highest transactional volume in October when more than 7 trillion transactions worth over Rs 12 trillion took place. This has not been achieved overnight and by fluke but there is a huge effort that has been put by the Modi Government that ensured 'digital revolution' brings positive change in people's lives.

Nonetheless, in addition to Govt Schemes like PM-WANI and BharatNet, the private sector has also played a vital role in the digital revolution in India. Out of other private telecom companies, Jio's Internet Revolution, would definitely be termed as a major catalyst. The company equipped Indians with high-speed internet and that too with the lowest tariffs in the world.

UPI, Payments Made Easy

UPI or Unified Payments Interface, has transformed the way India has been transacting. It's a real time payments system conceptualized and developed by the National Payments Corporation of India (NPCI). When it was launched in 2016 by none other than the then RBI governor, Raghuram Rajan a lot of questions were raised not just on success but security of transaction as well.

However, later on UPI not just transformed the digital payment landscape but made India a champion in digital payments. The nation has benefited a lot from the easily available smart phones and internet connectivity. Today there are more than 692 million active internet users. Not just cities but rural areas have received massive penetration of mobile phones.

Today there are 351 million internet users from rural India and 341 from urban areas in India giving impetus to digital India. The total number of Internet users is set to go up to 900 million by 2025.