India has developed one of the most modern payment systems in the world, be it large value, retail or fast. Payments Vision 2025 leverages India’s efforts and builds on the focus of G-20 to enhance cross-border payments by addressing the four key challenges of cost, speed, access and transparency.

Given the dynamic space of payment systems in the financial services space, efforts shall be conditioned by developments and readiness of the ecosystem to accept and further these initiatives.

#UnifiedPaymentsInterface is an instant real-time payment system developed by National Payments Corporation of India. The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. It is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform. This will enable the last-mile consumers to reap the benefits of an open interoperable payments system driving immediate payment transfers between bank accounts and merchant payments in real-time.

With this magnificent growth, BFSI leaders are positive about the development, and they say, UPI will stand in the next five years and it will further help in building a cashless economy. The transactions through Unified Payment Interface have crossed one trillion US dollar mark in financial year 2022 and today India is first in global digital transactions.

After Singapore, UAE, Nepal and Bhutan, France will be the next country to accept payments using the Unified Payments Interface and RuPay Cards. BFSI leaders are positive about the development, and they share their views on where UPI will stand in the next five years and how it will further help in building a cashless economy.

UPI has turned out to be one of the best fintech innovations in India, making the country one of the fastest-growing digital economies in the world. The recent announcements of linking credit cards on the UPI platform and the MoU signed .