Germany's federal minister for digital and transport Volker Wissing on Sunday got first-hand experience of using the Unified Payments Interface (UPI) of India 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 India’s success stories 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.
