Users of any UPI app, including Google Pay, PhonePe, Paytm, or any other app, need to ensure that their ID has not been left unused for more than a year
UPI has not only revolutionised and digitised India’s payments space, it has also created an ecosystem of fintech players to offer products on top of the platform and created multi-billion-dollar private enterprises.
The data furnished by MyGovIndia suggests that India did more digital transactions than the rest of the countries put together, accounting for 46% of the real-time payments on the global map. A major catalyst for this growth seems to be the increased penetration of smartphones and about ever-growing internet users., Technology & Science News, Times Now
India saw 20.57 billion online transactions worth Rs 36.08 trillion in the second quarter (Q2) this year, a report showed on Tuesday.The online transactions were processed through debit and credit cards, prepaid payment instruments like mobile .