COUNTRIES
LINKED WITH UPI - ECONOMY
News:
India UPI Power: List of
countries where Bharat's Unified Payments Interface can be used to make digital
payments
What's
in the news?
●
Indians can now use the Unified Payments
Interface (UPI) to make payments in seven countries.
Key
takeaways:
●
After the announcement, MyGovIndia shared
a world map, highlighting the countries where Indians can use UPI to make
payments.
Countries
Linked with UPI:
●
Sri Lanka
●
Mauritius
●
France
●
UAE
●
Singapore
●
Bhutan
●
Nepal
Go
back to basics:
Unified
Payments Interface (UPI):
●
Unified Payments Interface, commonly known
as UPI, has been a game changer for
digital payments in India.
●
From getting groceries to buying your
favourite gadget, one can quickly make a UPI payment with no additional
charges.
●
UPI is no longer limited to India and the
number of countries accepting it keeps growing.
Launched
in:
●
UPI was launched by the National Payments Corporation of India
(NPCI) in 2016 and has rapidly gained momentum.
Developed
by:
●
UPI is a mobile-first payment system
developed in India by the National Payments Corporation of India (NPCI).
Significance:
●
It makes it easy to send and receive by
just scanning a QR code or using a user’s phone number.
●
Unlike most digital payment systems, the
amount gets directly debited to the linked bank account.
Features:
●
UPI can be used on BHIM, a first-party app. It can also be accessed via third-party platforms such as Google
Pay, Amazon Pay, PhonePe, BharatPe, and a lot more.
●
Most banks that officially operate in
India support UPI payment, and unlike a credit or debit card payment, there is
no charge involved in UPI payment.
Recent
Changes:
●
To prevent fraudulent activities, NCPI has
thought of various features like how the account is directly linked to the
phone number, and if the SIM card is removed, UPI ceases to work, and at times,
one might also face downtime due to service issues.
●
To solve that, NCIP came up with UPI Lite, which does not require a PIN
or internet to make transactions. However, there is a limit of Rs 500 per transaction and Rs 4,000 limit per day.
●
The widespread adoption of UPI underscores
the urgent need for secure, efficient, and user-centric payment methods.