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The Impact of UPI QR on the Indian economy

The UPI technology has changed the way people transact for goods or services in India. The use of UPI QR code payments has completely boosted the cashless economy vision forward. It is a ground-breaking initiative that has set India to power digital payments and contribute positively to economic growth. https://www.fidypay.com/upi-qr-code-payments/

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The Impact of UPI QR on the Indian economy

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  1. www.fidypay.com The Impact of UPI QR on the Indian economy

  2. www.fidypay.com INTRODUCTION • The UPI technology has changed the way people transact for goods or services in India. The use of UPI QR code payments has completely boosted the cashless economy vision forward. It is a ground-breaking initiative that has set India to power digital payments and contribute positively to economic growth.

  3. www.fidypay.com As of today, the scan & pay UPI QR codes are being used at all small, medium, or large merchant stores and vendor outlets. Whether it is a cup of tea or a smartphone, people are paying through UPI to finish their purchases. So, how does this dominance of UPI QR payments affect the economy of India? Well, this article will help you get an insight into the same!

  4. www.fidypay.com UPI QR Code Solutions Have Empowered the Financial Inclusion

  5. www.fidypay.com www.fidypay.com One of the major strengths associated with UPI lies in its ability to empower diverse societal segments. More than millions of underbanked or unbanked individuals are now leveraging the use of UPI as a formal banking system. And all of it has been made possible because of the instant and convenient payments processed through UPI.

  6. www.fidypay.com With this, there has been an uplift in the adoption of financial services such as loans, insurance, saving accounts, and others. Thus, the individuals are now considering UPI as the source of a secured future associated with financial transactions.

  7. www.fidypay.com Moreover, UPI QR Code solutions have also empowered street vendors, small businesses, and rural communities by joining them in the ever-growing digital payments infrastructure, which is cost-effective, secure, and convenient.

  8. www.fidypay.com UPI QR Code Solutions Have Empowered the Financial Inclusion

  9. www.fidypay.com Financial inclusion is just the trailer of UPI’s capability. But, it has now also emerged as a strong catalyst for boosting the economy of India. UPI transactions have helped India transition towards creating a more accountable and transparent economy by reducing the overall dependence of people on physical cash transactions.

  10. www.fidypay.com Moreover, the abundance of data that’s available through the UPI transaction records has also helped fuel the rise of FinTech players in the industry. These companies are further scaling the innovation in the finance domain and are improving employment opportunities.

  11. www.fidypay.com As of May 2023, the monthly volumes for UPI QR code payments crossed the 9 billion mark in India. Moreover, it is recorded that there is a 58% year-on-year increase in the overall volume of UPI transactions.

  12. www.fidypay.com To help you better understand this, the efficient payment facility availed through UPI payments has helped the nation with cost savings of around $12.6 billion in 2021. And in the same year, the UPI transactions added $16.4 billion to the economy of the nation. The count has significantly increased since then, and there is no stopping it!

  13. www.fidypay.com CONCLUSION So, this was a glimpse at how UPI QR code payments have helped the nation thrive with an impeccable economy! There are new products being launched by the NPCI upon improving the UPI proficiency in processing digital transactions. Hence, it is evident that the Indian economy, with respect to UPI transactions, is going to boom stupendously.

  14. CONTACT US E-mail care@fidypay.com Website www.fidypay.com Phone 6232082424 Address 1st Floor, 104, New IT Park, Electronic Complex, Pardesipura, Indore, Madhya Pradesh 452010

  15. THANK YOU

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