Outstanding accomplishment: PM Modi lauds India’s 6 billion UPI transactions

The Prime Minister shared a Business Standard report on Twitter which says that UPI records six billion transactions in July, highest ever since 2016.

“This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic,” PM Modi tweeted.

According to the the National Payments Corporation of India, the Unified Payment Interface (UPI) envisages a payments architecture that is directly linked to achieving the goals of universal electronic payments, a less-cash society, and financial inclusion, using the latest technology trends, laid down in the Reserve Bank of India (RBI) Payment System Vision Document (2012-15).

It was launched by then Reserve Bank of India Governor Raghuram Rajan, on April 11, 2016. Recently, the NPCI has mandated that all UPI-based applications obtain consumers’ prior authorization before recording their location or geographic coordinates.

In a circular, NPCI stated that the provisions for the same must be offered without any refusal if the consumer has already given agreement to disclose the location originally while using the services.

Any time a client gives permission to record their location, the permission must be properly communicated to the UPI; else, the company will take stern action. The service provider should not refuse or disable the payment services if the client disputes providing consent, it added.

This rule must be followed by all members by December 1, 2022, and they only apply to domestic UPI transactions between individuals.

Credit card penetration into digital payments is anticipated to increase with the linking of credit cards to the UPI. The UPI system, which has developed into the most inclusive form of payment in the nation, will initially be connected to Rupay credit cards under RBI’s initial plan.

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