New Delhi4 minutes ago
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15,547 crore transactions were done through Unified Payment Interface i.e. UPI from January to November-2024. During this period an amount of Rs 223 lakh crore was transferred. Today (December 14), the Finance Ministry shared a post on X and informed that this is a new record for transactions through UPI.
The ministry said that the world’s trust in UPI is increasing. Currently UPI is being used in 7 countries, which include UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius.
UPI is operated by NCPI RTGS and NEFT payment system in India is operated by RBI. Systems like IMPS, RuPay, UPI are operated by National Payment Corporation of India (NPCI). The government had mandated a zero-charge framework for UPI transactions from January 1, 2020.
How does UPI work? For UPI service you have to create a virtual payment address. After this it will have to be linked to the bank account. After this there is no need to remember your bank account number, bank name or IFSC code etc. The payment provider simply processes the payment request according to your mobile number.
If you have his UPI ID (e-mail ID, mobile number or Aadhaar number) then you can easily send money through your smartphone. Not only money but also net banking, credit or debit card will not be required for utility bill payment, online shopping, shopping etc. You can do all these things through the Unified Payment Interface System.
