India's UPI digital payments near 5 billion
Edited By WION Video Desk
Published: Mar 21, 2022, 21:30 IST | Updated: Mar 21, 2022, 21:30 IST
India launched UPI, or Unified Payments Interface, in 2016, a few months before bank note demonetisation. UPI aimed to reduce the use of paper in payments and provide a safe and simple digital payment system. UPI recorded 4.50 billion transactions, worth Rs 8 trillion in December 2021.
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