Hello people ,Today I have come up with my new blog which is related to economic and  financial status of the country and wholly quantizes to the business niche. Since November 2016, all Indians are hearing and get used to  with the words like Digital payment, UPI ,PhonePay, Gpay, paytm etc. But what actually UPI is ? UPI is actually a Unified Payment Interface. It is a number  identified and generated by a bank digitally. It is basically used for instant money transfer  digitally through mobile phones .It's a payment method /interface which was introduced by NPCI (National Payment Corporation of India) with the help of RBI . In 2012 , RBI issued a statement in which they discussed about the paperless transactions . Through UPI customers can transact their money with the existing account only. In 2016, UPI was officially launched and after the launch of UPI it never took a backseat. From the launch day it has shown its exponential growth in India and later on emerged as World's largest digital payment market after beating China and USA by completing 25.5 billion UPI transactions. One of the biggest reason of the growth of UPI in India was the demonetization which took place in year 2016.

Presently India has emerged as global leader in digitally payment gateways and it's all because of UPI payment service. Through UPI ,third party apps are used to collect debit instructions from the user and later on submit it to the User's bank account which requires less time and there is no hectic schedule of going bank and standing in a long queue ,waiting for their chance etc. Then secured bank account systems launched some payment apps which work and facilitates the working of UPI. Such as- phonepay,Gpay and paytm. This UPI has made net banking very faster ,as earlier we had to submit account number and then IFSC code then only transactions were completed but this all changed with a single unified interface. The UPI system is called  “policy innovation ” because of its interoperability.(Interoperability features  means  like In India any UPI customer can send money to a different UPI user. 

It is very safe than other countries UPI based payment services and it has been recognized and validated from different global influential organizations like Fidelity national ,Google etc.  According to Reserve Bank Of India , UPI transactions have been increased by 13times from the financial year 2018 to 2020. It is expected till 2025 it will be 5 trillion  dollar economy. In India at various ATM also ,we can transact our money with the help of UPI, there is no need of swiping the card etc. This has boost the transactions and flow of money too in India which is however beneficial to economy of the country.