- Google said – design plays a big role in UPI’s success
- UPI currently has more than 140 banks, started with only 9 banks.
Dec 16, 2019, 11:06 AM IST
Gadget desk. Google wants the US to implement a similar unified inter-bank payment system after learning from India’s UPI (Unified Payments Interface, eg Bheem, Google, Phone Pay). Google has written a letter to the US central bank Federal Reserve, citing the UPI based digital payment of the Government of India as a successful example. Google’s US, Canadian Government Affairs and Public Policy Vice President Mark Isakowitz has written to the Federal Reserve to introduce a new inter-bank RTGS called ‘FedNow’ for faster digital payments in the US based on UPI.
Launched real time payment system UPI in the year 2016
“We are working with NPCI which is regulated by the Reserve Bank of India,” the company said. We have created Google Pay for the Indian market, which is a UPI service. NPCI launched the real time payment system UPI in the year 2016. Google said that UPI has been made very thoughtfully and keeping various aspects in mind. Its design has a huge role in its success.
The letter stated that UPI is one such inter-bank transfer system, which currently has more than 140 banks, whereas it started with just 9 banks. This is a real time system. This system has increased the monthly transaction by one lakh. In the last four years, monthly transactions have increased from 7.70 crores to 48 crores and now 115 crores monthly.
Transactions increased from UPI to 10% of India’s GDP in just three years. Our payment app Google Pay is one of the three big apps in India’s UPI market. The monthly active user of Google Pay has increased by three times to reach 6.70 crore in this September. It was 2.20 crore in the same period last year. Google said that while learning this from India’s digital payment market, we suggested the Fed Reserve to implement this.
According to a study by Assocham-PwC, digital payments in India will double to 10 lakh crore by 2023. This year it is 4.60 lakh crores. According to the recent ‘India Digital Payment Report – Third Quarter 2019’, the number of transactions from UPI in India reached 270 crores in the third quarter. This is 183% higher than the same period last year. It is 4.6 trillion in value by 189%, by value.