UPI transactions have doubled in volume and value since COVID.
22.3 billion transactions worth Rs 41 trillion in FY21.
46 billion transactions worth Rs 84 trillion in FY22.
UPI is emerging as the most sought-after payment method from roadside tea shops to vegetable push carts, famous hotels to eCommerce giants.
What’s making UPI the king of digital payment methods?
1) Zero merchant discount rate
2) Ease of payment
3) Security & Transparency of the transaction
5) Incentives via cash back and reward points from various payment apps.
Fintechs offer technology, expertise, intelligence, and innovation. Banks have heritage, time-tested market experience, compliance, and superiority.
When two such sectors join forces, the results are like UPI. What say?
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