Germanys federal minister for digital and transport Volker Wissing on Sunday got a first-hand experience of using the Unified Payments Interface (UPI) to make payment in a vegetable shop in New Delhi.
The German Embassy in India shared the video where he could be seen using the UPI mode of payment and wrote on X: One of Indias success story is digital infrastructure. UPI enables everybody to make transactions in seconds. Millions of Indians use it. Federal Minister for Digital and Transport
@Wissing was able to experience the simplicity of UPI payments first hand and is very fascinated!
What is Unified Payments Interface (UPI)
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing merchant payments into one hood, as per the website of National Payments Corporation of India.
With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, former Governor, RBI at Mumbai.
Banks have started to upload their UPI-enabled Apps on Google Play store from 25th August, 2016 onwards.
Sri Lanka, France, UAE, and Singapore have so far partnered with India on emerging fintech and payment solutions.
