Linkage of UPI with Overseas Countries | Private MBA Colleges in Bangalore

Posted by Prof. K. Saketh Reddy On 20/04/2023 07:39:32

Even after introducing net-banking in India, the number of cash transactions happening in India is very high (almost 95% of all transactions). UPI is part of RBI’s efforts towards ‘Less Cash’ India. UPI is safe as the customers only share a virtual address and provide no other sensitive information. The ‘virtual payment address’ is an alias to your bank account. bangalore mba top colleges

The virtual payment addresses don’t allow your security to be compromised when a certain merchant’s account is hacked, because their database will have only a list of virtual addresses. It offers better security than other payment methods where details like credit card numbers are sent. While using UPI, all these details are hidden as only a Virtual Payment Address (VPA) is used. Currently, UPI has permitted only banks to be registered as Payment Service Providers (which means they can run bank accounts). But this scope can get wider and perhaps even include wallets later. mba colleges without entrance exams in bangalore

India’s digital payment systems like the Unified Payments Interface (UPI) are steadily becoming globally attractive amid measures to enable seamless cross-border transactions. This is lowering the cost of fund transfers and remittance payments. Among other recent announcements, the UPI payments facility will soon be extended to inbound foreign travelers from G20 countries for making merchant payments. Further, non-resident Indians (NRIs) in selected international countries would also be allowed to conduct transactions on UPI platforms without requiring an Indian mobile number. mba in data analytics in bangalore

Indian digital payment systems are available in Singapore, UAE, Oman, Saudi Arabia, Malaysia, France, and BENELUX markets – Belgium, the Netherlands, Luxembourg – and Switzerland, among others. It is also understood that India has signed MoUs with 13 countries that want to adopt the UPI interface for digital payments. The big UPI move will help international students, families living abroad, and local businesses. Under the scheme, banks will be provided financial incentives for promoting transactions using RuPay and UPI.

The prime reason behind the global adoption of UPI can be understood as with hassle-free functioning of it with a very large population. In addition, UPI has an open protocol upon which other technologies can also be built, which enables a much larger and more useful network than its competitors for financial payments. By facilitating exactly what blockchain was supposed to do—cutting out intermediaries and inducing greater competition—UPI could accelerate global innovation in payment technology. top 10 mba colleges in bangalore

To digitize the financial sector and economy, the Government of India’s strategies is also promoting digital payment transactions, which are steadily increasing over the last few years. These initiatives have been working with the ethos of making the digital payments ecosystem an essential aspect of the Digital India program. good mba colleges in bangalore

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