Six years ago, in April 2016, a product was launched by the National Payment Corporation of India (NPCI) called Unified Payment Interface (UPI). At that time, nobody had thought that this made in India product would bring a revolution in the fintech market in India. UPI recorded the highest single-month transaction in May 2022. According to data released by the NPCI, UPI processed more than Rs 10 lakh crore worth of transactions in May alone by processing nearly 6 billion payments.

Today, apps like Phonepe, Paytm, Google Pay, and others have become a crucial part of everyone's lives. But when UPI was launched initially, experts, including banks, were suspicious of its acceptance in a market like India. The reasons were less financial inclusiveness and low financial literacy. However, India has proved all experts wrong. Today it is considered a highly innovative product in the world's payment market. In 2019, Google wrote a letter to "FedNow"—an interbank real-time gross settlement service (RTGS)—detailing the successful example of UPI based digital payment and suggesting that they can learn from innovations like these.

The global ambition of UPI is also on the right track. UPI has gained acceptance in Singapore (March 2020), Bhutan (July 2021), UAE &amp; Nepal (Feb 2022). On June 17, 2022, the National Payments Corporation of India (NPCI) announced that UPI and Rupay cards (Indian payment cards) will soon be accepted in France. NPCI has already signed an MOU with Lyra, a France-based payment service provider. According to sources, NPCI is also eyeing other Asian markets like Malasyia, Thailand, and Vietnam. Without a doubt, UPI has the potential to be the first made in India product to cause a stir in the payment market. This will give great confidence to the Indian government, which is trying very hard to project India as a manufacturing and innovative hub. 
 
(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Six years ago, in April 2016, a product was launched by the National Payment Corporation of India (NPCI) called Unified Payment Interface (UPI). At that time, nobody had thought that this made in India product would bring a revolution in the fintech market in India.

Six years ago, in April 2016, a product was launched by the National Payment Corporation of India (NPCI) called Unified Payment Interface (UPI). At that time, nobody had thought that this made in India product would bring a revolution in the fintech market in India. UPI recorded the highest single-month transaction in May 2022. According to data released by the NPCI, UPI processed more than Rs 10 lakh crore worth of transactions in May alone by processing nearly 6 billion payments. Today, apps like Phonepe, Paytm, Google Pay, and others have become a crucial part of everyone's lives. But when UPI was launched initially, experts, including banks, were suspicious of its acceptance in a market like India. The reasons were less financial inclusiveness and low financial literacy. However, India has proved all experts wrong. Today it is considered a highly innovative product in the world's payment market. In 2019, Google wrote a letter to "FedNow"—an interbank real-time gross settlement service (RTGS)—detailing the successful example of UPI based digital payment and suggesting that they can learn from innovations like these. The global ambition of UPI is also on the right track. UPI has gained acceptance in Singapore (March 2020), Bhutan (July 2021), UAE & Nepal (Feb 2022). On June 17, 2022, the National Payments Corporation of India (NPCI) announced that UPI and Rupay cards (Indian payment cards) will soon be accepted in France. NPCI has already signed an MOU with Lyra, a France-based payment service provider. According to sources, NPCI is also eyeing other Asian markets like Malasyia, Thailand, and Vietnam. Without a doubt, UPI has the potential to be the first made in India product to cause a stir in the payment market. This will give great confidence to the Indian government, which is trying very hard to project India as a manufacturing and innovative hub. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Digital payment revolution in India and its global ambition

After great anticipation, the World Bank&nbsp;recently&nbsp;released&nbsp;'The Global Findex Report 2021'. The Global Findex surveys over 125,000 adults in 123 economies during COVID-19 to better understand how people use formal and informal financial services and digital payment.

In its Global Findex Database 2021, the World Bank highlighted that account ownership worldwide increased by 50&nbsp;per cent&nbsp;to reach 76&nbsp;per cent&nbsp;of the global adult population. Recent growth in account ownership has been widespread across dozens of developing economies and most of the newly account opened in India and China.

This report indicates that "74 per cent&nbsp;of men had an account in developing countries whereas women are six&nbsp;points behind, accounts for 68 per cent". According to the report, gaps in rural areas exist but this report couldn't quantity the urban-rural gap. However in developing countries like India and Bangladesh, there is virtually no difference in account ownership between adults in urban and rural areas.

Here are the major insights from the report:

1.&nbsp;Receiving payment directly into bank account is a gateway for using other financial services such as relying on an account to save and borrow. 83&nbsp;per cent&nbsp;of adult in developing nation who received digital payment also made a digital payment, up from 79&nbsp;per cent&nbsp;in 2017.

2.&nbsp;Mobile money has become enabler of financial inclusion in Sub-Saharan Africa,&nbsp;especially for women. Sub-Saharan Africa is home to all 11 economies in which a larger share of adults-only had mobile money account rather that a normal bank account. The spread of mobile money has created better opportunities to serve women, poor people and other groups who have been traditionally excluded from formal financial services. According to the report, around three&nbsp;out of&nbsp;four&nbsp;mobile owners in Sub-Saharan Africa used their mobile money account to make or receive at least one payment that was not person-to-person.​

3.&nbsp;COVID-19 pandemic catalyzed growth in the use of digital payments. In developing countries in 2021, 18&nbsp;per cent&nbsp;of adults paid utility bills directly from an account. About one third of these paid bills online for the first time. In India, more than 80 million adults made their first digital payment to merchant during pandemic whereas in China, 82&nbsp;per cent&nbsp;of adults made a digital payment in 2022, including over 100 million adults (11 per cent) who did so for the first time after the start of pandemic.

4.&nbsp;Government, private employers and financial providers could help expand financial access and usage among the unbanked by lowering barriers and improving infrastructure. This report indicates new opportunities to drive financial inclusion by increasing account ownership among the unbanked and expanding the use of financial among those who already have account - in particular by leveraging digital payments.

5.&nbsp;Adults in developing countries are more likely to worry about finances than adults in high-income countries. Concerns around medical expenses are highest in Sub-Saharan Africa and South Asia, where 64 per cent&nbsp;of adults are very worried and the lowest in East Asia and the Pacific, where 38&nbsp;per cent&nbsp;of adults are very worried.​​​

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

After great anticipation, the World Bank recently released 'The Global Findex Report 2021'. The Global Findex surveys over 125,000 adults in 123 economies during COVID-19 to better understand how people use formal and informal financial services and digital payment.

After great anticipation, the World Bank recently released 'The Global Findex Report 2021'. The Global Findex surveys over 125,000 adults in 123 economies during COVID-19 to better understand how people use formal and informal financial services and digital payment. In its Global Findex Database 2021, the World Bank highlighted that account ownership worldwide increased by 50 per cent to reach 76 per cent of the global adult population. Recent growth in account ownership has been widespread across dozens of developing economies and most of the newly account opened in India and China. This report indicates that "74 per cent of men had an account in developing countries whereas women are six points behind, accounts for 68 per cent". According to the report, gaps in rural areas exist but this report couldn't quantity the urban-rural gap. However in developing countries like India and Bangladesh, there is virtually no difference in account ownership between adults in urban and rural areas. Here are the major insights from the report: 1. Receiving payment directly into bank account is a gateway for using other financial services such as relying on an account to save and borrow. 83 per cent of adult in developing nation who received digital payment also made a digital payment, up from 79 per cent in 2017. 2. Mobile money has become enabler of financial inclusion in Sub-Saharan Africa, especially for women. Sub-Saharan Africa is home to all 11 economies in which a larger share of adults-only had mobile money account rather that a normal bank account. The spread of mobile money has created better opportunities to serve women, poor people and other groups who have been traditionally excluded from formal financial services. According to the report, around three out of four mobile owners in Sub-Saharan Africa used their mobile money account to make or receive at least one payment that was not person-to-person. 3. COVID-19 pandemic catalyzed growth in the use of digital payments. In developing countries in 2021, 18 per cent of adults paid utility bills directly from an account. About one third of these paid bills online for the first time. In India, more than 80 million adults made their first digital payment to merchant during pandemic whereas in China, 82 per cent of adults made a digital payment in 2022, including over 100 million adults (11 per cent) who did so for the first time after the start of pandemic. 4. Government, private employers and financial providers could help expand financial access and usage among the unbanked by lowering barriers and improving infrastructure. This report indicates new opportunities to drive financial inclusion by increasing account ownership among the unbanked and expanding the use of financial among those who already have account - in particular by leveraging digital payments. 5. Adults in developing countries are more likely to worry about finances than adults in high-income countries. Concerns around medical expenses are highest in Sub-Saharan Africa and South Asia, where 64 per cent of adults are very worried and the lowest in East Asia and the Pacific, where 38 per cent of adults are very worried. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE ×

Pandemic catalysed growth in use of digital payments: Report

Author

Zee News Rajasthan

Editor

Dinesh Choubey

Home

Live Tv

Latest

World

India

Business

Entertainment

Sports

Opinions

Videos

Photos

Gravitas

Lifestyle

Science

Tech

Rajasthan News in Hindi: In-depth coverage of Rajasthan Crime, Political News, Education, Rajasthan Weather Update and Latest Rajasthan News on Zee News Rajasthan.