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Year ender 2023: UPI transactions rose 147% in 5 years. A look at new features announced this year

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Year ender 2023: UPI transactions rose 147% in 5 years. A look at new features announced this year

UPI transactions in 2023: India has witnessed an exceptional surge in Unified Payments Interface (UPI) transactions in 2023. In FY2022-23, 8,375 crore transactions were reported up from 92 crore transactions in FY 2017-18, showcasing a compound annual growth rate (CAGR) of 147% in terms of volume. UPI has emerged as a significant player in India’s … Read more

Govt, RBI need to share cost of maintaining UPI infrastructure: Report

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Govt, RBI need to share cost of maintaining UPI infrastructure: Report

Currently, banks are bearing the cost of UPI transactions. The government and the Reserve Bank of India need to share the cost with banks associated with maintaining UPI infrastructure as it reduces the demand for cash and helps in curtailing expenditure on printing and managing currency notes, according to a report prepared by IIT-Bombay. Observing … Read more