Page 53 - Mann Ki Baat - English, February,2023

Bank report in December 2022, payments. According to the NPCI,
remittances from Singapore to UPI transactions registered in FY
India were on track to breach 21-22 were 4,500 crore, showing
the USD 100 billion mark in 2023, eight times growth in the last
making it the fourth highest three years and 50 times growth
remitting nation to India, in the last four years. A whopping
accounting for 5.7 per cent of all 7,400 crore of transactions were
inbound remittances. done using UPI in 2022, and UPI
UPI is a revolutionary, user- transactions reached a record
friendly, real-time payment of Rs. 803.6 crore in January 2023
solution that facilitates inter- alone.
bank transactions and has UPI’s core function is to
enabled greater digital payment support easy and secure
adoption in India. According to money transfers between bank
the International Monetary Fund accounts. It does this by adding
(IMF), India’s digital payment multiple bank accounts into
volume has climbed at an a single mobile application,
average annual rate of about 50 allowing for seamless fund
per cent over the past five years, transfers and merchant
and its expansion has been even payments. It also enables ‘peer
more rapid (about 160 per cent to peer’ and ‘peer to merchant’
annually) in UPI. collection requests, which can
UPI is now one of the most be scheduled and paid as
preferred payment solutions requested.
in India, with over a billion UPI has been a game
transactions every month. UPI changer for India’s digital
transactions in India account payment ecosystem. It is
for 75 per cent of the total digital

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