In India, people still use cash in a majority of their transactions. Businesses and consumers are now looking to make a switch to credit cards payments. Union finance minister Arun Jaitley has allowed the Unified Payments Interface (UPI) for online credit card payments.
This is an important change in the way that people transact with one another and is likely to result in a significant reduction in cash-based transactions. With UPI, consumers will be able to pay using phone numbers, bank accounts or other credentials like Aadhaar numbers for making online transactions for goods and services using credit cards.
This is just one of many ways that UPI can be used by businesses. This feature will not only make it easier for companies to expand their operations, but it’s also expected to result in improved transparency and better customer service giving them confidence in making future purchases on the platform.
The latest development on UPI, which was earlier limited to offline credit card transactions, will promote the use of digital payments.
With this move, the digital ecosystem in India can be expected to grow in terms of credit card payments and digital transactions.
Topic: Tech World