Indian UPI: Goes International!

National Payments Corporation of India has created an innovative ecosystem across not only India, but several other countries. The backbone of the NPCI system, popularly known as the UPI (Unified Payments Interface) is the fuelling force behind the transactions of a scale of billions, surpassing anything previously witnessed by merchants and credit card companies.

It seems that transactions using credit cards have grown as ancient as the Neanderthals!

1. Find the payment link or POS

2. Find the credit card or the gpay wallet

3. Type in the 16 digit number

4. Type expiry date

5. Type CVV

6. Type name

7. Type address too, ugh!

8. Type the amount,

9. And then finally you get an OTP which you have to type in!

All this, even for a payment of 1$ to someone!

With UPI, the same eight step process is whittled down to three simple steps,

since I already have the UPI app installed in my phone. The UPI app is pre-connected to a digital wallet, which is preconnected to my bank. What makes it very easy is that the merchant or the payee displays a UPI QR code which is already connected to their bank. If it is a personal payee, their number is already connected to their bank via the UPI app.

Now, I can follow the simple steps to pay :

1. Scan the QR code or look up the telephone no from my address book

2. Enter the amount

3. Type in the Pin

Whoosh! Payment done !!

Checks and balances: The UPI has a daily limit, and you can set a limit on the wallet amount as well, so no one can transfer more in a day, or even millions or billions!

Amazing to know that Indian UPI has already reached Mauritius, France and many more countries!

Isn't it about time that all countries got the UPI going?

Innovation by India #amblingindian

www.amblingindian.com - Quirky reads on India by the amblingindian , the New Aam Aurat of India.

#proudtobeindian