Finance Mobile Payments Technology
Finkarma
Finkarma

@finkarmaIN

14 tweets 10 reads Apr 03, 2022
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A Thread on UPI Ecosystem 🧵
A Thread on UPI Ecosystem 🧵 https://t.co/IlvUrTdEKj
What is UPI?
UPI stands for Unified Payments Interface.
What UPI can do?
It is a payment system that facilitates instantaneous fund transfers between person to person or from person to a merchant, with the help of a smartphone.
How does UPI facilitate transfers?
UPI integrates multiple bank accounts into a single mobile application. This way it merges several banking features, on one hand, and equip for seamless fund transfer or payments on the other hand.
It also accommodates peer-to-peer collect requests, which can be scheduled and paid as per requirement and convenience.
When was UPI introduced in India?
In April 2016, the UPI system was launched on a pilot basis with 21 member banks. Later, banks started to upload their UPI-enabled apps to Google Play Store in August 2016.
Why UPI is said to be a unique system?
UPI is unique because:
• Users can make quick money transfers 24x7x365
• Users can access multiple bank accounts in one application only
• QR code facilitates on-the-spot transfer to merchants
• No need to carry more cash
• No need to stand in a queue at ATM for withdrawals
• Enhanced security through virtual address as users doesn’t have to share their personal or bank details.
• Single click authentication or confirmation.
• Users can raise disputes/queries from the App itself
Which are the major players in UPI transactions?
As per the latest data (Jan and Feb 2022 combined), in terms of volume (total number of transactions through UPI Apps), PhonePe occupies the first place. GooglePay, PayTM, are at number 2 and 3 resp.
Which are the major players in UPI transactions? As per the latest data (Jan and Feb 2022 combined)...
PhonePe, Google Pay, and PayTM also occupy the first three spots when it comes to the value of the transaction made during Jan & Feb 2022 (total).
However, Cred and ICICI Bank jump to place 4 and 5 resp. See top 10 by transaction value below.
PhonePe, Google Pay, and PayTM also occupy the first three spots when it comes to the value of the t...
Who are the most important beneficiaries of the UPI system?
Besides the benefits discussed above, UPI has helped small and medium-sized business owners as well as their customers, as a large number of UPI transactions value Rs200 or less (as per npci data).
The customers don’t need to carry cash. They can make exact payments like Rs147.50 or Rs499 MRP.
I bet if they had to pay the same in cash, it would have cost them Rs148 (or even 150) and Rs500 resp.
With digital payments, small business owners can handle more customers efficiently.
They need not buy card swiping machines which would have cost them Rs10,000 or more.
Digital payments are faster and hassle-free for both of them.
Also, UPI has been helping India to develop as one of the fastest-growing digital economies in the world.
If you like this thread then do share it with your friends. And yes,
Which of the above Apps do you use? Plz, mention it in the comment section.

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