Digital Payments Surge in India with UPI Transactions Reaching Record Highs, Pakistan Also Seeing Rise in Online Transfers

Digital payments experienced a surge in India during July 2020. UPI transactions increased by 11% month-over-month to $38.7 billion in July.

Unified Payments Interface (UPI) is an instant real-time payment system that has been created by India’s National Payments Corporation.

It aims to facilitate inter-bank transactions. The interface is regulated by the Reserve Bank of India, the nation’s central bank. It’s used to instantly transfer money between two local bank accounts through a mobile platform.

UPI transactions set a record in June 2020 as well, due largely to the COVID-19 outbreak which has led to many more people using digital platforms and services in the country (and globally), because physical business locations have been shut down to prevent the further spread of the virus.

In May 2020, there was also a steady increase in UPI transactions processed, when compared to previous months. UPI has become increasingly popular at check out or POS locations throughout India. The payment method has reportedly attracted both cash and payment card users. According to industry professionals, the increase in UPI transactions should continue due to permanent changes in consumer behavior caused by the Coronavirus crisis.

Meanwhile, in Pakistan, NayaPay and Visa have teamed up to streamline digital payments in the $300+ billion economy.

NayaPay has reportedly joined the Visa Fintech Fast Track Program, in order to speed up the Fintech firm’s integration process with the payment giant’s network.

NayaPay will be able to leverage the reach, capabilities, and security of VisaNet, the firm’s global payment network.

NayaPay is classified, in Pakistan, as an electronic money institution (EMI). The company will allow customers to open e-money accounts within minutes while being able to easily make digital payments.

The Fintech sector can expect apps with better customer experience, improved UI and UX for online payments, according to Wolfpack Digital.

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