CURRENT AFFAIRS

Detailed explanation-1: -Notes: As per the data from the National Payments Corporation of India (NPCI), the Unified Payments Interface (UPI) crossed the 500-crore mark in terms of volume.

Detailed explanation-2: -In July 2021, Bhutan became the first country to adopt UPI standards for its QR deployment, and the first country in our immediate neighbourhood to accept mobile-based payments through the BHIM App.

Detailed explanation-3: -According to NPCI data, approximately 74 billion transactions worth Rs 125.94 trillion were conducted using UPI in calendar year 2022. The platform handled more than 38 billion transactions totalling Rs 71.54 trillion in 2021.

Detailed explanation-4: -Developed and launched by the National Payments Corporation of India in 2016, UPI is now one of the most preferred payment solutions in India, with over a billion transactions every month.

Detailed explanation-5: -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, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.