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When did UPI first launch in India? Exploring history as services are launched in Mauritius and Srilanka
Prime Minister Shri Narendra Modi, alongside dignitaries from Sri Lanka and Mauritius, inaugurated the launch of Unified Payment Interface (UPI) services in both countries via video conferencing.
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In 2016, India witnessed the launch of UPI, a game-changer in the realm of digital payments
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UPI's journey from domestic payment system to international player is evident with it's expansion
Prime Minister Narendra Modi, along with dignitaries from Sri Lanka and Mauritius, launched Unified Payment Interface (UPI) services in both countries via video conferencing, marking a significant step forward in digital connectivity. The event was a watershed moment because UPI, an Indian instant payment system, expanded its reach beyond national boundaries. Let's take a look at UPI's history, from its beginnings to its impact as per the Ministry of External Affairs.
Inception of UPI: Revolutionizing digital payments
UPI's journey began in 2016 with its official launch for public use in India. The National Payments Corporation of India (NPCI) created UPI, which emerged as a simple, secure, and interoperable payment system. Under the direction of the Reserve Bank of India (RBI), the NPCI spearheaded the development of UPI, which aimed to streamline digital transactions and promote financial inclusion.
According to the CEO of Netmagic Solutions, UPI quickly established itself as one of India's most successful deep-tech financial innovations. Its four-pillar push-pull interoperable model enabled seamless peer-to-peer and person-to-merchant transactions, transforming the digital payment landscape.
UPI's growth trajectory: A global leader in real-time payments
UPI has grown at an exponential rate to become the global leader in real-time payments, surpassing China, South Korea, Thailand, and the United Kingdom. According to data from ACI Worldwide and GlobalData, India will see 25.5 billion annual transactions in 2020, cementing its position at the forefront of the global payments market. 
The success of UPI drew international attention, prompting countries such as Brazil, Bahrain, Saudi Arabia, Singapore, the United States, and the European Union to consider implementing UPI-like systems in their own markets. Furthermore, UPI's integration with initiatives like the Green Initiative and the Retail Direct Scheme demonstrated its flexibility and adaptability to changing financial landscapes.
Continuous innovation and expansion: Meeting diverse needs
UPI has evolved over time to meet the changing needs of its users. UPI has evolved to improve user experience and convenience, beginning with the introduction of UPI 2.0, which enabled overdraft account linkage and pre-authorized transactions, and ending with the removal of debit card registration requirements.
Collaborations with companies such as ToneTag and NSDL Payments Bank also aided the development of voice-based payment services for feature phone users in low-connectivity areas. These initiatives demonstrated UPI's commitment to financial inclusion and accessibility, ensuring that no segment of society fell behind in the digital revolution.
Global expansion and future prospects: Strengthening international bonds
The recent launch of UPI services in Sri Lanka and Mauritius marks a significant milestone in UPI's global expansion. Prime Minister Narendra Modi emphasized UPI's transformative potential for fostering economic connectivity and promoting international tourism. The implementation of UPI and RuPay card services in these countries is expected to enable real-time, cost-effective, and convenient payments, thereby improving bilateral relations and fostering mutual growth.
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