The Unified Payments Interface (UPI) recorded an all-time high of 16.99 billion transactions in January this year. UPI is live in over 7 countries, including key markets such as UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius. This expansion will further bolster remittance flows, improve financial inclusion, and elevate India’s stature in the global financial landscape. Other countries can learn from India’s UPI experience: Cambridge Professor Carlos Montes. The government is focused on bringing new innovations that will help UPI expand in uncovered areas as well. The growth of UPI shows that the government is making sure that the technology that they develop is user friendly for citizens, and that there is a regular and constant innovation in the same which explains the high adoption rate of U PI in India,” the Cambridge Professor noted. He further said that UPI also has potential for other countries to learn from the experience and get ideas on how to adopt it in their own countries.
