Economic Survey 2023 Power of UPI to accelerate the process of Financial Inclusion and Digital Adoption [Read Report]
Economic Survey 2023 – Economic Survey – UPI – Financial Inclusion and Digital Adoption – Financial Inclusion – Digital Adoption – nirmala sitharaman budget – nirmala sitharaman union budget – budget 2023 india – taxscan
Economic Survey 2023 – Economic Survey – UPI – Financial Inclusion and Digital Adoption – Financial Inclusion – Digital Adoption – nirmala sitharaman budget – nirmala sitharaman union budget – budget 2023 india – taxscan
The Economic Survey 2023, tabled before the parliament by the Financial Minister Nirmala Sitaraman reviews the performance of the Indian economy and lays the road ahead for the next fiscal year. In the survey, the power within UPI to accelerate the process of financial inclusion and digital adoption were highlighted.
The Unified Payments Interface (UPI) is a system that empowers and knits multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood. It also caters to the “Peer to Peer” collection request, which can be scheduled and paid as per requirement and convenience.
“Introduced in 2016 to revolutionize the payment landscape through universal operability, single payment address, and low-cost mobile-first payment system, UPI has acted as a positive disruption towards enabling greater digital payments adoption in the country” as per the Survey of 2023.
In FY19, UPI accounted for 17 per cent of the country's total 3,100 crore digital transactions. The next fiscal year saw UPI’s share rise to more than 27 per cent as it processed 1,250 crore transactions out of 4,600 crore digital transactions. In FY22, UPI accounted for 52 per cent of the total 8,840 crore financial digital transactions.
“On average, between FY19-22 (calendar year), growth in UPI-based transactions in value and volume terms have been 121 per cent and 115 per cent, respectively. Recently, in Dec 2022, UPI touched its highest-ever mark with 782 crore transactions worth ₹12.8 lakh crore”, the survey stated.
It was further highlighted that “The success of UPI has not been restricted to India alone; NPCI, through its international arm NPCIL is pushing for acceptance of RuPay/UPI powered apps, cross-border remittance and UPI-Like deployment in international markets such as Singapore, UAE, France, the Netherlands among others.”
On a positive note, the survey showed the anticipation that, “It is envisioned that the journey of UPI will help accelerate the process of financial inclusion and digital adoption in India by creating a more prosperous and inclusive ecosystem that can accommodate larger sections of the population in times to come.”
To Read the full text of the Report CLICK HERE
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