Digital transactions have brought transparency into the system and made lending-borrowing accessible and hassle-free. A case in point is the Unified Payment Interface (UPI), which enables people to transfer money between bank accounts using a mobile device.
In May 2023, UPI transactions reached 14.3 trillion rupees in terms of value and 9.41 billion in volume, according to the system’s creator, National Payments Corporation of India (NPCI). In comparison to the month of April, this is a 2 per cent rise in value and 6 per cent in volume (from 14.07tn rupees and 8.89 billion transactions).
Clearly this digital payment system is a phenomenal success and probably needs to be elucidated. UPI tops the charts for convenience. Money can be transferred between multiple accounts without separate profiles. And it is not just confined to India. By its operations, UPI has accelerated and lowered the cost of cross-border transactions. From the perspective of forex...