What is UPI?
Unified Payments Interface is an instant real-time payments system that allows immediate fund transfers between any two banks via a mobile platform. It is developed by the National Payments Corporation of India and is controlled by the Reserve Bank of India and the Indian Bank Association.
Is it secure?
It is natural to have suspicions about a tool that is so easy to use. “What’s the catch?” we often ask. The answer is yes, UPI is not only convenient to use but completely secure as well. Now fraudsters can’t ask you to share your OTP as UPI has moved its mobile verification to push SMS which makes it a whole lot safer. It’s secure even in case someone knows your m-pin because the M-PIN gets generated every time you go to make a transaction, and an M-PIN can only be set when you have the correct credentials for banking.
Why is it so popular?
UPI has revolutionized the way we make our payments. It’s not only easy to use but also extremely fast and responsive as a tool. Hence it saw a 7x growth in 2018 and the first six months of 2018-19 saw a staggering 11.8 billion transactions!
The future is UPI
Within 3 years from its launch, UPI has reached its tipping point of 100 million users and one billion successful transactions a month by Sept.19. According to a recent KPMG report, the global digital payments market is expected to reach $10.07 trillion by the year 2026. Crossing another milestone of 10 billion transactions in 2019-20 (25% of digital payment transactions, UPI will dominate the payments space with 59% digital payment transactions by 2024-25. The relevance of UPI is only headed towards growth in the ‘phygital’ world, blending the physical and digital space, post the current pandemic, with increasing relaxations being witnessed in India’s lockdown.
UPI has disrupted the banking industry and has introduced a completely new way of transferring funds. To discuss this and the future of UPI, we are hosting an exclusive webinar on by Mr. Ram Rastogi. He holds an experience of over three decades in banking and has emerging payments domain with expansive domain knowledge in Mobile, Digital Payments, E Commerce, M-Commerce and EBPP.
Mr. Rastogi was part of the core team that designed and launched various payments systems like RuPay – India’s first domestic card scheme, Aadhaar Payments – the world’s largest biometric based payments system, and offline products such as NACH and Bharat Bill Payments System (BBPS).
He has been awarded as 50 Most Influential Digital Media Professional of India in the year 2015 by World Marketing Congress. He has been awarded as 50 Most Influential Payment Professional for the year 2019 by World Payments Congress.
The webinar is absolutely free of cost. Register now & win early and win vouchers worth Rs. 2000! So, come aboard and explore the future of UPI through our interactive & informative webinar. Don’t wait! Register now to get expert insights of one of the most talked about topics of the current times.