UPI Reaches Record High in December

India’s Unified Payments Interface (UPI) processed a record 7.82 billion transactions in December, worth a total of INR 12.82tn ($174.6bn). This represents an increase of 7.12% in volume and 7.73% in value compared to November. On a year-on-year basis, volume ..

Month: Current Affairs - January, 2023

Category: Economy & Banking Current Affairs

Six years of ‘Bharat Interface for Money’

On the 30th of December 2016, the Prime Minister of India, Narendra Modi, launched the Bharat Interface for Money (BHIM) payment app. Six years later, BHIM is still going strong, with a steadily increasing user base and a high volume ..

Month: Current Affairs - January, 2023

Category: Economy & Banking Current Affairs

Pilot phase of Open Network for Digital Commerce (ONDC)

Recently, the pilot phase of the open network for digital commerce (ONDC) was launched. Where is the pilot being conducted? The pilot is being conducted across five cities Delhi, Bengaluru, Coimbatore, Bhopal, and Shillong. It will be later launched in ..

Month: Current Affairs - May, 2022

Category: Science & Technology Current Affairs

Launch of UPI in UAE

The international arm of the National Payment Corporation of India, NPCI International Payments Ltd (NIPL) has announced that across the UAE, BHIM UPI is live on NEOPAY terminals. Overview: This initiative will be empowering the millions of Indians who travel ..

Month: Current Affairs - April, 2022

Category: Economy & Banking Current Affairs

UPI: 500-crore Milestone in Volume

In March 2022, India’s Unified Payments Interface (UPI) has crossed the 500-crore mark in terms of volume and in terms of value it was close to touching the Rs 10-lakh crore milestone. Overview: Around 540.56 crore payments have been processed ..

Month: Current Affairs - April, 2022

Category: Economy & Banking Current Affairs

123PAY: UPI for Feature phones

On 8th March 2022, Reserve Bank of India (RBI) Governor Shaktikanta Das launched Unified Payments Interface (UPI) for feature phones called “UPI123Pay”. About UPI 123PAY UPI ‘123PAY’ is a three-step method to initiate and execute services for those who use ..

Month: Current Affairs - March, 2022

Category: Economy & Banking Current Affairs

India’s UPI Platform in Nepal

The first country to adopt India’s UPI system will be Nepal which will be critical in modernising the neighbouring country’s digital economy. Overview: To deliver the services in Nepal, NPCI International Payments Ltd (NIPL), NPCI’s international arm, has partnered with ..

Month: Current Affairs - February, 2022

Category: Economy & Banking Current Affairs

Digital Government Mission

The Digital Government Mission was launched by the Ministry of Electronics and Information Technology. The mission will deliver government services to the citizens. It will use machine learning and artificial intelligence to deliver the services. How will the mission work? ..

Month: Current Affairs - January, 2022

Category: Government Schemes Current Affairs