Kapil Rathi

UPI is the second best innovation that has happened in India from the last 9-10 years from my understanding. The first one is no doubt the Covid vaccine.

UPI helped in digital India movement. UPI helped in money circulation during demonetization. It helped in reducing virus spread by remote transaction during Covid/Lockdown. Govt initiative of fastag also got support from UPI.

Indian UPI transaction crosses 180 billion in Dec 2024.

Sequence of events in last 7-10 years to make UPI very successful.

1. Making Aadhar card as main unique card for every Indian and register it with mobile number.
2. Compulsory linking aadhar card with Pan card number.
3. Launch of UPI in 2016
4. Companies like Paytm, google pay and phone company started using UPI for digital transaction.
5. Demonetization boosted cash less transaction and people started using UPI.
6. Covid and lockdown made UPI as compulsory need and it helped in reducing virus spread.
7. UPI accepted in foreign countries like Singapore, Bhutan, Malaysia etc

Problem UPI solved:

1. Save lot of time by reducing of bank visit and atm withdrawal.
2. Safe and secure way of money transfer.
3. Very easy for everyone to understand. Not required complex account number or IFSC code knowledge.
4. Free of cost

Out of the box questions:

1. UPI and digital India can help in reducing corruption?
2. Will UPI help in reducing black money?
3. Will digital transaction removes issues of fake currency from market and indirect reduce terrorist funding.
4. Can it help countries in very high growth in coming years?