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India, has during the covid lockdown silently developed and implemented world's largest National digital payment system called ['UPI'](https://en.wikipedia.org/
by mvineetmenon 4y ago
India, has during the covid lockdown silently developed and implemented world's largest National digital payment system called ['UPI'](https://en.wikipedia.org/wiki/Unified_Payments_Interface https://en.wikipedia.org/wiki/Unified_Payments_Interface). Although, India is far from cashless, but this year the amount of money transacted through UPI crossed 1 billion USD for the first time, even though most of the transactions through UPI are low value transactions.
Now-a-days, it's really common to see your typical vegetable vendor (basically a single person establishment, selling his goods in a mobile platform with 4 wheels) display a UPI QR code for payment. Google Pay in India has integrated their systems with UPI and are among one of the biggest payment services.
- mikymoothrowa 4y agoUPI has been in widespread use since 2017. It surely wasn’t developed “silently” during the covid lockdown Vegetable vendors have been using this QR code payments thing even pre-UPI (2016) with paytm (that works only with paytm)
- mvineetmenon 4y agoThat's right.. but the use wasn't widespread. The demonetization exercise and in quick succession to it, the covid lockdown helped UPI up the scale, exponentially.
- jeswin 4y ago> but this year the amount of money transacted through UPI crossed 1 billion USD for the first time You're off by a few zeroes. UPI transactions totalled 1 trillion USD last year. Figures from last month can be seen on their website - nearly $135 billion for September 2022.[1] [1]: https://www.npci.org.in/what-we-do/upi/upi-ecosystem-statistics https://www.npci.org.in/what-we-do/upi/upi-ecosystem-statist...