Tweet from German Embassy
Germany embassy tweeted,”One of India’s success story is digital infrastructure. UPI enables everybody to make transactions in seconds. Millions of Indians use it. Federal Minister for Digital and Transport @Wissing was able to experience the simplicity of UPI payments first hand and is very fascinated!”
Here is the tweet
UPI payment by German minister
The German Embassy highlighted India’s digital infrastructure as one of its success stories and published a video of a German minister using UPI to make a payment. Volker Wissing, the federal minister for digital and transportation, used UPI to make a purchase at a vegetable store in the National Capital.
NPCI
History
The National Payment Corporation of India’s (NPCI) quick payment system UPI has reached over 9 billion transactions per month after a journey of 8 years from 2016 to 2023. A single UPI application on a smartphone can link numerous bank accounts.
Linked Countries
Up till now, the Indian government had cooperated with Sri Lanka, France, the United Arab Emirates, and Singapore on this fintech.
Other European countries
Prime Minister Narendra Modi had previously declared that France and India have decided to deploy the UPI payment system.
“UPI will be used in France, India and France have agreed. The Unified Payments Interface, or UPI, will start at the Eiffel Tower in the coming days, enabling Indian tourists to pay in rupees, according to PM Modi.
The NPCI signed an MoU with France’s Lyra in 2022. Under the mutual arrangement, the Indian digital payment system will work on the Lyra network of France, which means when someone has to make a payment in euro (France’s official currency) in Paris, one can make payment via UPI in Indian rupee and the amount equivalent to the sum in euros will get deducted.
With Singapore
A similar agreement was signed between UPI and Singapore’s PayNow, enabling citizens in both the countries to carry out cross-border transactions.
UPI
What is UPI?
The Unified Payments Interface (UPI) is a system that integrates various bank accounts, smooth fund routing, and merchant payments into a single mobile application (of any participating bank). Additionally, it supports “Peer to Peer” collect requests that may be planned and paid for according to need and convenience.In light of the aforementioned circumstances, NPCI carried out a pilot launch with 21 member banks. Dr. Raghuram G. Rajan, Governor of the RBI, launched the pilot program on April 11, 2016, in Mumbai. Beginning on August 25, 2016, banks have begun to submit their UPI-enabled apps to the Google Play store.
How it is special ?
1. Immediate money transfers through mobile device, available 24/7/365.
2. A single mobile app that allows access to many bank accounts.
3.Single Click 2 Factor Authentication – Complies with regulatory requirements while offering the extremely useful functionality of seamless single click payment.
4. The customer’s virtual address for Pull & Push offers incremental security because the consumer does not have to enter information like their card number, account number, IFSC, etc.
5. QR Code .
6. The best solution to the inconvenience of running to an ATM or providing a precise amount for Cash on Delivery.
7.In-app payments or single application payments for merchants.
8. Utility bill payments, cash payments made in person, and payments made via QR codes (scan and pay).
9. Scalable donations, collections, and disbursements.
10. Making a complaint straight from a mobile app.
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