How UPI Aided Financial Inclusion
Introduction Some years back a new system was introduced to make financial transactions easy and secured. At that time, many people were cynical about its value. Some politicians even said that the efforts for such a transformation were a futile exercise. The system we are referring to is Unified Payment Interface (UPI). The new financial system, as we know, is a tremendous success. Nowadays, even roadside vendors are using it. No need to carry a huge amount of money. Characteristics of UPI Before it was released, a great deal of work, years of planning, hardware acquisition, and extensive testing were done. It is a common gateway for conducting various financial transactions, as the name suggests. It offers services like fund transfers, withdrawals, deposits, and more while bringing together transactions with various banks under one roof. The following lists the key characteristics of the UPI payment system. 24-hour Availability: UPI services are accessible at all times. As long...