UPI unified payments interface It is a unified payments intermediary system designed to make digital payments Its real time payment system enables instant transfer of cash between two bank accounts through a mobile interface 40 percentage share of real time digital payments is our India and Narendra Modi proudly declared that means 40 percentage of the worlds real time payment transactions are done in India. Our India UPI system which helps to make this real time payment is now used in 35 to 40 countries like Oman and now the big country in the Gulf is also entering Saudi Arabia. So far Swift from the US can also use the UPI system. Experts estimate that this is a great thing because money from these countries comes to India through UPI systems and thus India can save eight to ten billion dollars every year. There are 13.4 billions that is one out of every five people is an Indian in total remittances i.e. money sent by people living abroad to their friends in India or to their bank accounts almost 65 percentage of the money comes from Gulf countries. All remitters are remittances through traditional banks like Visa, Mastercard, Western Union
And companies like Intermediary that pay a six percent cash tax in Saudi Arabia. And the second one is to send it through an agent the commission should be about ten percent that is if you work hard abroad for a year you will have to pay a month income as a fee for that money transfer. It is not bad to come so our Indian government has introduced UPI system in Saudi Arabia as well by implementing UPI system these charges are enough to pay 132.67 fixed charge and you can send me to any country in time Saving Bank the charges taken by the agents are huge. Maximum of 2 lakh rupees can be transferred in the system. To realize the benefit of money transfer one should know how this system works. The person who wants to send money scans the QR code and sends money. The app used by this person checks the details with the payment service provider. The details are sent to his bank and the amount is taken from his account. Such transaction details are received from the bank on the phone of the person sending the money. Once the information is received from him the bank details of the person to whom the money is to be transferred will be confirmed and reached to the recipient.
The fact that the money is credited to his account is recorded in the UPI enabled apps used by two people through UPI It will take time to explain UPI to you but if you follow this easy procedure your money will reach your family members in seconds And if you are also using UPI tell us about your experience UPI Merchant Payments makes stock financial markets transaction very easy Now through this UPI transactions and sales in stock market are very easy Do not think that consumers use UPI only because it takes less time to transfer the charge less there are many more reasons Rating agency has ranked UPI first in global transactions cash through UPI It is said that the transfer is as simple as sending an MMS so it is in the first place. If you know you do not need to have knowledge about technology and UPI works 24 hours. similarly UPI has good support from the regulator so UPI has expanded in a short time. It is understandable that at the same time China also noticed the same thing and they also designed their own payment app. There is no access to American cards and how can this not be an excuse if a company called national of gives the payment methods as Poor according to its unique
Now UPI has progressed through the air of Visa master cards but it is doubtful whether UPI will be universally accepted if actually this Visa master is in the bank as wild water and not just middlemen for money transfer to happen between two bank accounts at one time two banks that is onor Bank and Receiver Bank have to receive money from TV Donor Bank that is an information is received from the receiver bank the donor bank carefully examines the client and if they do not like it they accept it. In this way the poor people face many difficulties because of the lack of UPI transaction in many ways. Visa and Mastercard came into being to eliminate these problems. And towards the settles in plain language now indian government is doing the same through UPI challenging the supremacy of Visa Mastercards in digital india slogan show great impact people small traders big entrepreneurs have moved towards digital payments Visa Mastercards have been opposing UPI since its inception.
Because almost all the money transactions are being settled all over the world in April 2012 the credit card information of about one million customers was leaked from all the details of these two companies currently in the wake of the war between Russia and Ukraine the Visa Master Card services in Russia have been completely stopped by the US. It should be understood that america is using these companies as its weapons. America will continue to try to establish its leverage in the countries that depend on them. It should be said that America trusts America and puts the details of our banks in the hands of these card companies. In the early days of UPI when UPI connected apps were used for transactions, then Rupay card became a cheaper alternative to it now many people do not need a wallet. Their smart phone is their wallet so our Indian government is saving 5700 crores of rupees every year cost of printing new ones to replace
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