India has emerged as the world leader in digital payments through UPI. Credit card-linked UPI is the next step to improve ease of access and hence the growth of the economy
India is leading the way beyond most developed economies regarding digital payments. As per many reports, 48 billion transactions occurred in 2021 through UPI India is way ahead of economies like China which clocks around 18 billion transactions as of 2021 and has 6.5 times more than the US, UK, and Germany
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UPI and how it has enabled digital transactions in the country
The Reserve Bank of India (RBI), after the massive success of the Unified Payments Interface (UPI), has announced the linkage of credit cards and UPI. This move will position India as one of the pioneering countries in digital payments by giving the extra convenience of paying through credit. By doing so, India's economy will not only receive a boost but also extend the influence of its financial systems beyond the country.
[This article has been reproduced with permission from the Indian School of Business, India]