Over the past few years, India's payment landscape has undergone a significant transformation. Thanks to rapid technological advancements and progressive governmental policies, digital transactions have become the norm. Platforms such as UPI, BHIM, and numerous e-wallets are leading this shift, reducing the dependence on traditional banking systems.
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Demystifying the Digital Payment Ecosystem in India
Finance & Banking • 9 Oct, 2023 • 87,346 Views • ⭐ 3.0
Written by Anand Swami
The Dawn of UPI
In 2016, the National Payments Corporation of India launched the Unified Payments Interface (UPI) as a real-time payment system. UPI enables mobile platforms to facilitate immediate money transfers between banks, making it a crucial element of India's digital payments revolution.
Its smooth, constant operation and user-friendly interface have contributed to its success. UPI's interoperability is its primary advantage, allowing users from any bank to conduct transactions quickly and easily. With a unique identification system similar to an email, transactions are as simple as sending a message.
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BHIM: The Flagbearer
Building on the UPI infrastructure, BHIM (Bharat Interface for Money) was introduced by the Indian government. Designed to be a one-stop solution for all UPI-based transactions, BHIM stands as a testament to the government's commitment to fostering a cashless economy.