• Dilip Modi, Founder at Spice Money


• 01.04.2022 10:30 am
#money

"UPI has crossed a significant milestone by breaching $1-trillion mark in transactional values in  FY22. We are delighted to see the exponential rise of the adoption of UPI, especially in the last two years driven by the pandemic. Both the volume and value of UPI transactions have doubled in a year's time.

This indicates the country's receptiveness to digital financial interventions and sets a firm foundation for further similar initiatives. Additionally, given the ability of digital to connect the farthest corners of the country, there is immense potential for it to empower rural India and bridge the urban-rural divide. 

India is evidently building a world-leading digital financial infrastructure with inclusion built into the core. Initiatives such as UPI Lite which aims to encourage small-ticket offline digital payments, and UPI123Pay allowing transactions to be done through feature phones without an internet connection will further the reach of the digital payments ecosystem. We're looking forward to being a part of NPCI's journey towards processing a billion transactions a day in the coming year, especially keen on front-ending this journey in rural India."