UPI- Payment made easy

UPI- Payment made easy
A very easy way for money transaction in a single mobile application, with single click two factor-authentication.
Started on 11 April 2016 by DR. Raghuram G. Rajan the governor at RBI bank at Mumbai. The usage of the app is very simple, starting with downloading from app store or bank website the user has to creates his/her virtual id password etc. the user has to set up a UPI pin which would be used for every transaction. The app doesn’t need any IFSC code and it works 24/7 and 365 days. It is now emerging as a major mobile –only-digital payments platform. It has seen a major growth from July 2018 to July 2019 that is from 23.56 cr. to  82.22cr rupees respectively the number of daily transaction boosted is about 248.68%  from July 2018 to July 2019. By 2020 the market of UPI is expected to double its contribution to 40%.
Seeing the growth of this one-of-a kind idea which is a government entity under NPCI (National Payments Corporation of India) many banks are stepping up in support of UPI. The simplicity, speed and ease of using UPI are winning more and more users and also private lenders are adopting UPI for transaction.

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