On 11th of April 2016, Dr. Raghuram Rajan (the then governor of RBI), launched a platform called as UPI (Unified Payment Interface), which is a payment method designed for ease of transaction for digital ledger value or the money in your bank account.
NPCI, short for National Payments Corporation of India joined hands with RBI (Reserve Bank of India) and the IBA (Indian Banks Association) to build a payments infrastructure that allows banks to connect and facilitate the transfer of funds among individuals.
After a few months (notably, august onward), Apps started to emerge on google play store and ios apps store, associated startups grew to seize the amazing opportunity of this marvelous technology. Now a days, we most have seen the UPI payment apps being used and popularity of such apps grew drastically.
Some notable mentions are Google Pay, Paytm, PhonePe and BharatPe
According to NPCI, since the inception of UPI, 249 banks adopted the technology as of August 2021 and almost 3555.55 Million transaction has took place.
With organization like NPCI (National Payment Corporation of India) and technology like UPI which is a platform solely built in India, the government has paved a way to humongous adoption of digital technology to the lowest level of the society.
According to a report published by McKinsey (https://tinyurl.com/mckinsey-report-mobile), India has the largest digital identification program globally with 1.2 billion people enrolled and second in wireless phone subscription with almost 1.17 billion users.
You see the wonderful stats for INDIA’s rise in the digital infrastructure boom.
