The prime minister of India, Mr. Narendra Modi announced joyfully that over digital transactions have hit the Rs. 20,000 crores mark on a daily basis in his latest radio broadcast.
Digital transactions refer to any transfer of money which doesn’t involve real cash. Such an example of it can be bank transfer or unified payments interface.
Mr. Modi said that the country is moving the right direction as they look to strengthen their digital presence and economy.
He also said that he wants people to try out a day with zero cash so that they can try out and experience the ease and comfort of using the unified payments interface.
Currently, the UPI mode of payments is the second most common mode of money transactions. Over the past few years, the number of people owning a smartphone and having a bank account to their name has skyrocketed. This has allowed the concept of unified payments interface to penetrate through all walks of life. Whether you’re a millionaire or just getting an entry level job. Irrespective of whether you’re 65 or 15, there’s a high chance you have a UPI account.
You can pay using UPI almost everywhere as well now. Whether you’re ordering something online or paying for groceries at your local store or even purchasing tea at your roadside shop, it is almost guaranteed that you can pay using UPI.
In the month of March alone, UPI transactions crossed the Rs. 10 lakh crores which is a major milestone. In 2010, the number of smartphone sales in India was around the 150 million mark. Fast forward 12 years now to 2022, and there is close 1.5 billion phones among people in the country. This is a great achievement by the people and the Indian government to make technology accessible which will only allow more people to use fintech services and also make the companies improve on their service to make them easier, faster and even more secure than it is.
UPI is slowly going to be the most popular method of payment once the digital aspects of life enter the most rural and corners of the country.
Modi in his penultimate line said that with the power and potential that technology as a whole has to offer, the country can reach newer and greater heights.
He ended his speech by urging Indians to stay safe as Covid is still around and that we should take all precautions as we enter May, the month of summer filled with festivals.
