EditorialWith love, from India

With love, from India

Date:

The majority of the backoffice work for large multinational corporations is now completed in , which has
recently emerged as one of the top software service providers globally. However, there aren't any Indian-
made digital goods on the market. When would Facebook, Google, or Twitter come from India, the naysayers
questioned. The sad thing is that this critique is accurate since we have remained mostly service providers with
little attention paid to innovation and the development of products with potential for global appeal. But that
might alter with UPI. A significant Indian invention that has the potential to change the globe is UPI.
The way Indians conduct and manage their finances has altered as a result of UPI, or the unified
payment interface. UPI was introduced in 2016, and despite some early difficulties, it has grown to be one of the
most dependable means of exchanging money, especially in a society where the majority of people are illiterate
and uninitiated with . To be more specific, it is one area where India has outperformed the US and
Europe in terms of technological advances.
In a letter sent in November 2019, Google requested that the US Federal Reserve model its planned
quick payments system, FedNow, after India's UPI. Around 3940 billion transactions totaling more than $940
billion were conducted using UPI in 2021. This is the same as 31% of the GDP of India.
It has attracted the interest of and the willingness to be used by numerous overseas institutions and
banks. The Payments Corporation of India (NPCI), which launched UPI, has partnered with Worldline,
a provider of European payment services, to enable Indian tourists to make payments using UPI at Point-of-
Sale terminals throughout Europe. The first application in the world, UPI, permits money transfers by scanning
QR codes. The National Payments Corporation of India developed the immediate real-time payment system
known as the Unified Payments Interface (UPI) (NPCI). The interface makes it possible to conduct P2P and P2M
transactions between banks. It is governed by the Reserve Bank of India and used on mobile devices to
immediately transfer money between two bank accounts (RBI).
Through the platform, digital transactions totaling Rs. 8.31 lakh crore were made just in January 2022.
The UPI transaction value surpassed $1 trillion in 2021–2022 Therefore, the UPI's reliability has already been
proven, and it operates flawlessly. It's time to spread the word and demonstrate to the rest of the globe that
India is not only the top service provider, but also a fantastic creator.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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