List of innovations made possible by UPI and other #fintech innovations in India and around the world:
Unified Payments Interface (UPI): UPI is a government-backed initiative that enables users to send and receive money directly from their bank accounts using a unique identifier.
#UPI has leapt forward with many innovations making the lives of users across the world. 🌍
This video is a simple example of the same
Some more UPI innovations:
* Cardless withdrawals: With UPI, users can transfer money directly from their bank accounts to others without the need for cards or physical cash.
* Mobile payments: UPI allows users to make mobile payments for various transactions, such as bill payments, online shopping, and money transfers.
* Real-time transactions: UPI enables real-time transactions, allowing users to receive and send money instantly.
* QR code payments: UPI uses QR codes to facilitate payments, making transactions easier and more secure.
* Invoice payments: UPI allows users to pay bills and invoices directly from their bank accounts.
* Overdraft facilities: UPI provides overdraft facilities for users, allowing them to borrow money from banks in case of emergencies.
* Digital wallets: Digital wallets like Paytm, MobiKwik, and Ola Money
* Mobile banking: Mobile banking apps provided by banks and non-banking financial companies
* Aadhaar Pay: Aadhaar Pay is a system that allows users to make payments using their Aadhaar numbers, eliminating the need for physical cash or cards.
* Bharat Interface for Money (BHIM): BHIM is a mobile app that allows users to send and receive money directly from their bank accounts using UPI