In less than three years since the launch of Unified Payment Interface (UPI), transactions through this payment method have grown at a scorching pace, with the number hitting a landmark one billion in October. Around 100 million people have started using this India-made technology, which countries around the world are looking to adopt. The adoption of electronic means of financial transactions is music to ears as India has predominantly been a cash-heavy economy, but the volume of retail cashless transactions has increased by nearly 124 per cent from FY 201617 to FY 2018-19, as per the Reserve Bank of India (RBI) Annual Report 2018-19.
This story is from the January - February 2020 edition of Entrepreneur magazine.
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This story is from the January - February 2020 edition of Entrepreneur magazine.
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