India's UPI is the best payment system in the world
- World
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Praveena M
- October 18th 2022
- 15364
The world is looking towards India's UPI. There is no other country in the world that has been able to replicate faster on a scale than India has done in terms of payment interface. The Reserve Bank of India predicts that UPI payments will make up 8 percent of India's total GDP by 2025.
UPI is the future for payments worldwide. Its entrance into the European Union came as no surprise as UPI can cater to the needs of the vast population in a secure and reliable manner. It has an open protocol on which other technologies can be built.
In a span of just six years, UPI transactions have skyrocketed. Merchants in Malaysia, Singapore, Thailand, the Philippines, Vietnam, Cambodia, and Bhutan accept UPI payments through QR-code payment systems common in Asia.
